[Citi's calling $15K copper](https://www.cnbc.com/2026/06/01/citi-bullish-copper-forecast-metals-prices.html) inside a year—but everyone's reading this as pure "demand recovery" when it's actually signaling something more subtle: reflation without wage acceleration. That's the exact macro regime banks have been waiting for. Core PCE is stuck at 3.3%, real rates stay high, and carry trades stay profitable.

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