Citi expects copper prices to rise, reaching an average of 10,000 US dollars per ton by the fourth quarter of 2024 and 12,000 US dollars in 2026.
The Zhitong Finance App learned that Citi released a research report stating that it updated its forecast model for Jiangxi Copper Co., Ltd. (00358) to take into account the latest copper price forecast and company guidelines. The bank expects copper prices to rise, reaching an average of 10,000 US dollars per ton by the fourth quarter of 2024 and 12,000 US dollars in 2026. As a copper producer, the Jiangxi copper industry is expected to benefit from rising copper prices. Citigroup raised the target price of Jiangtong H shares from HK$11.1 to HK$25, and the rating was raised to “buy”.