Citibank has turned bullish on copper prices, projecting an increase to $14,500 per ton in the next month and $15,000 per ton over the next year. This marks the first bullish stance since 2026, with the forecast representing over a 10% upside from current LME prices. The bank cites U.S. refined copper tariff uncertainties and expected normalization of shipping through the Strait of Hormuz as key factors supporting this outlook. The report highlights the growing demand for copper driven by AI data center construction, power grid expansion, and the electric vehicle sector. Citibank anticipates that AI infrastructure and energy system upgrades will significantly boost copper demand. However, potential risks include geopolitical tensions in the Middle East, global economic slowdown, and inventory fluctuations. Meanwhile, Goldman Sachs has also raised its year-end copper price target to $13,735 per ton.