Precious metals and base metals to rise sharply by 2026, with silver aiming for $120

According to the latest market forecast released by CITIC Securities, a bullish outlook is indicated across precious metals and non-ferrous metals in anticipation of 2026. According to Jin10’s report, this document provides a detailed analysis of the price growth potential for each sector and contains information that could influence market participants’ investment decisions. Notably, battery metals and strategic metals, which were previously considered minor, may become key drivers of the market moving forward.

Silver Rapidly Rising Toward $120

Supported by extreme supply shortages and active trading activity, silver is expected to reach the $120 per ounce level. While maintaining its status as a monetary asset, the surge is primarily driven by a sharp increase in industrial demand. Gold remains steady, with expectations of rising to $6,000 per ounce due to its monetary characteristics and ongoing demand as a safe haven asset.

The simultaneous rise of silver and gold suggests increasing needs for inflation hedging and asset protection, potentially leading to concentrated buying by both institutional and individual investors.

Gold, Copper, and Aluminum Show Steady Growth Amid Supply Constraints

In addition to silver, the base metals sector is also forecasted to experience strong growth. Supply constraints, robust demand, and structurally low inventories are supporting price increases for copper and aluminum.

Projections for 2026 indicate that copper will average $12,000 per ton, and aluminum will reach an average of 23,000 yuan per ton. The rise in these base metals reflects expectations of global infrastructure investments and manufacturing recovery.

Battery Metals Surge Due to Rapid Demand Growth, Focus on Lithium and Cobalt

With the rapid evolution of energy storage technology, the battery metals sector has quickly become a market focus. Supported by strong demand for batteries, lithium prices are expected to rise within the range of 120,000 to 200,000 yuan per ton.

Cobalt prices are also expected to remain firm, influenced by reduced allocations from producing countries, with prices projected to range between 400,000 and 500,000 yuan per ton. Additionally, Indonesia’s reduction in nickel output allocations could push nickel prices to $22,000 per ton, indicating that regulatory changes in the country could significantly impact the market.

Strategic Metals Emerging as New Investment Targets

Strategically important metals such as rare earths, tungsten, tin, and natural uranium are also expected to benefit from tight supply and demand dynamics, as well as rising geopolitical premiums.

These metals are recognized not merely as commodities but as essential resources for advanced industries and defense sectors, with structural factors supporting long- to medium-term price increases. The target prices for 2026 are projected as follows: rare earths at 600,000 to 800,000 yuan per ton, tungsten at 450,000 to 550,000 yuan, tin at 450,000 to 500,000 yuan, and natural uranium at $100 per pound, representing significant increases from current levels.

Overall, the commodity markets are expected to experience a cross-sector bullish trend toward 2026, presenting important growth opportunities for investors.