Citi cuts 0-3 month LME copper forecast to $13,300/t from $14,500

Citi's cut is less about the near-term number than about the shift in its framing: it now sees the copper market moving into oversupply in 2027-28 at prevailing prices. That matters for anyone whose copper exposure rests on the supply-deficit thesis, from producers weighing project economics to holders of the metal as an inflation or electrification trade. The open question is whether other banks follow Citi in pushing surplus risk further out on the curve, which would matter more than the headline forecast revision itself.