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Citi forecasts a surge in copper prices to $12,000 per tonne within two years, citing positive demand-supply dynamics for its top metal choice.

“We are strongly recommending investors have a position in copper, and we are strongly recommending that consumers of copper hedge their exposure over the next one to three years. I mean, it's on a path to $12,000. There's so many different ways to get there over the next two years, but that's where it's headed,” Max Layton, Global Head-Commodity at Citi told CNBC-TV18.

Copper prices have reached unprecedented levels, with all-time highs recorded in China, an 11-month high on London Metal Exchange (LME), and a 16-month high in the US.

The surge in copper prices aligns with positive manufacturing indicators in China, where industrial activities rebounded in March after five consecutive months of contraction.

“It's a continuation of the trend that we have seen over the last year or so, which is the energy transition investment in China. So, renewable power additions in terms of generation capacity were very strong in the first couple of months of this year. On the other side of the coin, construction activity has continued to soften. So, we have seen iron ore prices pull back 25 to 30% as a reflection of the weakness in construction activity,” Layton noted.

Among other metals, Layton is bullish on gold with a target of $2,300 per ounce.

Via CNBC