Citi: If the conflict continues, the short-term copper price may fall below $12,000
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Golden Ten Data reported on March 4 that Citi stated: With the ongoing Iran conflict, copper prices may fall below $12,000 per ton in the short term. Our base scenario is that the conflict will ease within a few weeks, and copper prices will rebound to $13,500–$14,000 per ton within three months. Given that the aluminum and zinc industries are susceptible to refinery cost pressures caused by disruptions in Gulf region shipping and rising energy prices, their price risks tend to be bullish.
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