CITIC Securities: Short-term attention to changes in liquidity tightening and geopolitical risks in copper prices, while still observing the evolution of supply and demand in the medium to long term.

CMB Securities released a research report stating that with the acceleration of AI-driven digital infrastructure construction and global electrification process, the role of copper is gradually shifting from a cyclical industrial metal to a strategic key mineral resource. Currently, copper prices are still at historic highs, with both major exchanges rising nearly 10% since the beginning of the year. Looking ahead, the bank believes that global liquidity, the US-Iran situation, and supply and demand fundamentals will be the three core themes affecting the trend of copper prices: short-term focus on liquidity tightening and changes in geopolitical risks, while the medium to long term outlook remains on the evolution of supply and demand.