Citi has increased its 0-3 month copper price forecast to $13,000 per ton and raised projections for several other industrial metals, citing that the easing of U.S.-Iran tensions has significantly reduced tail risks of a major shock to global economic growth and demand. The bank revised its 0-3 month price forecasts for other metals as follows: nickel to $19,000 per ton (moderately bullish), zinc to $3,300 per ton (neutral), lead to $1,950 per ton (neutral), and tin to $50,000 per ton (neutral). It also noted that, aside from aluminum, nickel appears most vulnerable to potential sulfur shortages, followed by copper.
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