Citi has reaffirmed its bullish call on copper, holding its three-month price target at $15,000 a tonne.
The forecast sits well above current levels and would mark fresh territory for the industrial metal, widely used in construction, power grids and electric vehicles.
In its September outlook, the bank said the balance of risks was skewed to the upside, despite the threat of US tariffs hanging over the market.
Citi acknowledged that copper looked exposed in the near term.
Heavy positioning by investment funds leaves the metal vulnerable to sharp pullbacks if bearish news on American copper tariffs emerges.
The bank argued, however, that any such setback would prove temporary.
It pointed to a mix of structural, cyclical and strategic tailwinds that it expects to support prices into 2027, more than offsetting a gradual erosion of the US tariff risk premium.
On tariffs themselves, Citi set out a clear house view.
The bank does not expect the US to impose a levy on imported copper cathode, the refined form of the metal traded on global exchanges.
It cautioned that official clarity was unlikely before the American mid-term elections, and possibly not even then.
The note also delivered fresh readings from Citi's Global Copper End-Use Tracker, its proprietary gauge of demand across the sectors that consume the metal, drawing on data through July.
Citi framed any near-term wobble on tariff doubts as a buying opportunity rather than a turn in the wider trend.
