Copper Prices May Fall Below $12,000 Amid Ongoing Iran Conflict, Says Citigroup

Copper prices are expected to drop below $12,000 per ton in the short term due to the ongoing conflict in Iran, according to Citigroup. The bank's base scenario anticipates that the conflict will ease within weeks, leading to a rebound in copper prices to between $13,500 and $14,000 per ton within three months. According to Jin10, the aluminum and zinc industries are vulnerable to disruptions in Gulf region shipping and rising energy costs, which could increase refinery expenses and create upward price risks.