Citigroup has released a research report stating that copper prices have surged significantly in recent weeks, surpassing the bank's 0 to 3-month bullish target ($12,000 per ton) and its 6 to 12-month target ($13,000 per ton) outlined in its "2026 Commodities Annual Outlook." The bank maintains a tactical bullish view on copper prices for the coming weeks and has raised its 0 to 3-month target to $14,000 per ton. However, it has kept its base case forecast unchanged, predicting an average price of $13,000 per ton for the second to fourth quarters of 2026. Market momentum, potential for further positioning upside, and a comprehensive bullish narrative (including US arbitrage/tariff dynamics, demand and growth expectations, mine supply constraints, and currency depreciation tail risks) could all drive prices higher in the near term. Nevertheless, compared to December of last year, the bank's conviction in further price appreciation has significantly weakened; January might represent the price peak for 2026, and unless a new catalyst emerges to realize the bank's $15,000 per ton bull scenario, prices are expected to eventually retreat to a more sustainable level of around $13,000 per ton.