Citi's recent report highlights a shift in its short-term outlook, influenced by the progress in U.S.-China trade negotiations and improving macroeconomic sentiment, which could impact gold prices negatively. The U.S. has clarified its stance on imposing a 50% tariff on copper, leading Citi to predict that copper prices, excluding the U.S., may fall to $8,800 per ton within the next three months.
As Zijin Mining (02899, Financial) is China's largest copper and gold producer, this development could create short-term downward pressure on investor sentiment towards the company. Consequently, Citi has initiated a 30-day negative catalyst watch on Zijin Mining.
