Is the copper price looking at 15k? The consensus among institutional bulls is growing stronger, but the headwinds from the global slowdown are still present. Position management is more important than betting on the direction.

Citigroup raises copper price outlook, expecting $14,500 per ton in the next month and $15,000 per ton in 12 months; a rise of over 10% compared to the current LME three-month price. Uncertainty over U.S. tariffs and the expected reopening of the Strait of Hormuz boost sentiment. Goldman Sachs also raises its end-2026 target price to $13,735 per ton. AI data centers, grid expansion, and ongoing demand from EVs and new energy sources continue to drive copper demand, but Middle East tensions, global growth slowdown, and supply-demand fluctuations pose downside risks.