Citi‘s Most Read – Commodities & ClimateTech

Research evidence excerpt

Citi‘s Most Read – Commodities & ClimateTech

Roundup |

Citi's Most Read - Commodities &

ClimateTech 03 Aug 2026 07:22:24 ET

July 27 - August 2

Citi Global Research AC

+44-20-7500-1400Commodity Research | Equity Research

As boundaries increasingly blur between conventional sectors, and as bottom-up

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The

Commodities & ClimateTech Super-Sector consists of the Energy, Materials,

Metals & Mining, and Utilities sectors. Please find below a collection of our most

impactful recent research in the Commodities & ClimateTech Global Super-Sector

– we hope you find it thought-provoking.

Commodity Research

Metal Matters - Bullish copper amid tighter China physical and supply pressure,

$14,500/t 0-3 mth target maintained.

We are constructive on copper in the coming weeks as signs of physical tightening

emerge across China's physical market. We maintain our bullish $14,500/t 0-3

mth and $15k/t year-end target. Prices have held up over the last month despite

some moderation in speculative positioning length and broader commodity

weakness. While demand growth remains tepid, supply is under much greater

pressure; falling visible inventories ex-US, notably in China, and rising China

import demand are symptoms of underlying physical constraints. Mine supply

remains under pressure globally and the scrap response year-to-date to higher

prices appears soft. Chile mine supply risks and sulphur constraints can aid

sentiment at the margin.

Tom Mulqueen | Shreyas Madabushi | Maximilian J Layton | Wenyu Yao | Kenny Hu, CFA