CITIC Securities: Copper price expected to reach a high of $15,000 per ton within the year.

CITIC Securities research report indicates that the final timing of the assessment of US copper tariffs is approaching, and "tariff transactions" and stockpiling have returned to the main line of the copper market. Overseas "precautionary" inventory accumulation provides solid support for the copper fundamentals, while the recent accelerated rise in COMEX inventory reflecting "transactional" inventory accumulation is expected to intensify the strength of copper prices and copper sectors, with the potential to impact a high point of $15,000 per ton of copper by the end of the year. Key recommendations include opportunities for configuration resonance of profit elasticity and valuation elasticity in the copper sector.