“Robust gains for industrial metals and the precious metals complex are underpinning financial and physical inflows and bullish sentiment,” Citi strategists said in a note earlier this month, adding that it’s a “bullish world for metals.”

The investment bank’s base case now is for consolidation in copper prices over the next three to six months, but believes that copper still has room to rally further, depending on the degree of the Fed easing and the global manufacturing recovery.

“We still firmly believe that copper is on a path to $12k/t, and $15k/t in our bull case over the next 12-18 months,” Citi’s strategists said.