Citi Keeps Neutral Stance on Copper, Sees Pullback as Long-Term Buy

Citi's split view is the signal worth noting: neutral on copper pending clarity on energy and tariffs, yet constructive on the same pullback over a longer horizon, which suggests the bank sees the current weakness as macro-driven rather than fundamental. The aluminum short is the more concrete call, resting on an Indonesia-led surplus projected for 2027 against soft demand. That divergence implies the bank is treating copper's risk-off move as temporary while viewing aluminum's supply story as structural. Whether energy and tariff clarity arrives before the demand picture deteriorates further is the open question.