Copper Could Hit $14,000 a Ton, Max Layton Says

Summary

Max Layton, Citi's Global Head of Commodities Research, said he remains near-term bullish on copper after it broke through $13,000 a ton and now targets roughly $14,000. He views the move as part of a broader shift from precious metals into industrial metals, with copper strongly outperforming gold. He cited US arbitrage and tariff dynamics, Goldilocks demand expectations, mine supply constraints, debasement and tail risks, and available capital as supportive. He has recommended clients get exposure to copper or hedge consumer exposure.

• Max Layton says he has been among the most bullish on copper for the past three to four months.
• Copper broke through $13,000 a ton, and Citi raised its near-term target to about $14,000.
• Layton sees the precious-metals bull market broadening into industrial metals.
• Copper is up 25% over three months while gold is up 7%, supporting the rotation thesis.
• He cites US arbitrage and tariff dynamics, Goldilocks growth expectations, mine supply constraints, debasement/tail risks, and dry powder as supports.
• He recommends clients gain copper exposure or hedge consumer exposure, expecting at least a few more weeks of upside.