CITIC Securities Unveils Strategic Metals Market Surge: 2026 Price Outlook

China’s leading investment bank CITIC Securities has mapped out an ambitious price trajectory for precious and strategic metals throughout 2026, painting a picture of substantial gains across the commodity spectrum. The report, cited by financial data platform Jin10, reveals that investors and industry stakeholders should brace for significant momentum in both traditional precious metals and emerging strategic metals categories.

Precious Metals Lead with Monetary Strength

Gold remains the cornerstone of CITIC’s bullish thesis, underpinned by its enduring monetary attributes and unwavering safe-haven appeal amid global uncertainty. The forecast calls for gold to surge toward $6,000 per ounce as investors continue seeking wealth preservation. Silver, meanwhile, presents an intriguing opportunity driven by extreme supply shortages and heightened trading activity. The white metal is projected to climb to $120 per ounce, demonstrating price elasticity that reflects tight market conditions and speculative interest.

Industrial Metals Capitalize on Supply Constraints

The broader industrial metals complex is poised for robust gains, with copper and aluminum leading the charge. CITIC anticipates both metals will benefit from persistent supply constraints, resilient demand from manufacturing and construction sectors, and structurally depleted inventory levels. Copper is forecast to average $12,000 per ton by year-end, while aluminum is expected to command 23,000 yuan per ton. These price floors reflect the fundamental supply-demand imbalance that characterizes these markets.

Battery Metals and Strategic Demand Drivers

The energy transition story remains compelling, with lithium and cobalt positioned as critical components in the battery metals sector. Lithium prices are projected to establish themselves within a 120,000 to 200,000 yuan per ton range, buoyed by surging demand for energy storage solutions. Cobalt is forecast to trade between 400,000 to 500,000 yuan per ton, with quota reductions from major producing regions further constraining supply. Nickel, benefiting from Indonesian quota cutbacks, is expected to climb to $22,000 per ton, reflecting its dual role in both battery and industrial applications.

Strategic Metals Define Geopolitical Value

Beyond mainstream precious and battery metals lie the strategic metals that underpin national security and technological advancement. Rare earths, essential for electronics and renewable energy, are targeted at 600,000 to 800,000 yuan per ton. Tungsten, critical for aerospace and defense applications, is projected at 450,000 to 550,000 yuan per ton. Tin, vital for electronics manufacturing, faces targets of 450,000 to 500,000 yuan per ton. Natural uranium, powering both civilian nuclear energy and geopolitical considerations, is forecast at $100 per pound. These strategic metals reflect not just commodity fundamentals but also the geopolitical premium attached to resource security and technological self-sufficiency in a fragmented global landscape.

CITIC Securities’ comprehensive analysis underscores a fundamental shift in how strategic metals and traditional commodities are valued—no longer as mere raw materials, but as essential enablers of energy transitions, technological innovation, and strategic autonomy. For market participants, the 2026 outlook suggests positioning for a multi-dimensional commodity bull market.