Citi chops back copper forecasts as Trump’s trade tariffs loom

Copper looks set to struggle as extra US trade tariffs from the Trump administration and economic risks in China drag on consumption and prices next year, according to Citigroup.

The metal — widely seen as a barometer of the global economy — is expected to average $8 750 a ton in 2025, down from a prior forecast of $10 250, analysts led by Max Layton wrote in a note. A restrictive monetary environment in developed economies, as well as easing policy support for electric vehicles, would delay a recovery in global manufacturing activity beyond 2025, they said.