Which Metals Are Poised for the Strongest Performance in 2026? CITIC's Latest Forecast

CITIC Securities has identified the strongest metal performers expected to surge in 2026, with a comprehensive analysis revealing significant opportunities across multiple commodity sectors. According to Jin10’s coverage of the report, various metal categories are positioned for substantial price appreciation driven by distinct market dynamics. The key question isn’t whether metals will perform well, but which ones will emerge as the strongest gainers based on supply fundamentals and demand trajectories.

Precious Metals Lead the Way: Gold and Silver Surge Projections

Among precious metals, gold is forecast to reach $6,000 per ounce by 2026, leveraging its enduring monetary attributes and safe-haven appeal during economic uncertainty. Silver presents an even more compelling case for strength, with projections pointing to $120 per ounce. The strongest momentum in silver stems from extreme supply shortages coupled with vigorous trading activity, creating outsized price elasticity compared to other commodities. This combination makes precious metals among the strongest performers in the forecast period.

Industrial Metals Show Solid Momentum Amid Supply Tightness

Copper and aluminum demonstrate the strongest fundamentals for industrial metals heading into 2026. Copper is projected to average $12,000 per ton, while aluminum is expected to command 23,000 yuan per ton. Both metals benefit from resilient global demand paired with structurally constrained inventories. Supply constraints in major producing regions further support these price forecasts, positioning industrial metals as consistent performers alongside their precious metal counterparts.

Battery and Strategic Metals: The Strongest Beneficiaries of Structural Shifts

The strongest secular tailwinds favor battery metals and strategic materials. Lithium prices are anticipated to surge to 120,000-200,000 yuan per ton, driven by explosive demand for energy storage batteries and renewable energy infrastructure. Cobalt is projected between 400,000-500,000 yuan per ton, with quota reductions from key producers supporting prices. Indonesian nickel quota reductions are expected to propel nickel to $22,000 per ton, making it among the strongest battery metal candidates. In the strategic metals category, rare earths are targeted at 600,000-800,000 yuan per ton, tungsten at 450,000-550,000 yuan per ton, tin at 450,000-500,000 yuan per ton, and natural uranium at $100 per pound. These metals represent the strongest long-term value propositions, underpinned by geopolitical considerations, supply bottlenecks, and structural demand imbalances that favor higher prices throughout 2026.