Copper Hits Record $11,581.50 as Citi Sees $13,000 Q2 Average
Copper surged to a new record of $11,581.50 in Shanghai early Friday after Citigroup analysts led by Max Layton issued a bullish note forecasting a $13,000 average for the metal in Q2. Citi pointed to robust demand and metal being drawn into the U.S. market as drivers of tighter physical balances, a dynamic that helped push prices higher in the spot market. The rise matters for industrial users, miners and inflation readings, as sustained strength in copper typically signals tight supply and healthy manufacturing activity. The rally could also reverberate into adjacent markets—boosting interest in commodity-backed tokens and prompting crypto trading desks to hedge exposure—while keeping pressure on markets that price in broader macro and supply-side risks.