Di Yi Cai Jing·2026-02-02 00:44Core Viewpoint - The report from CITIC Securities indicates that after a significant rally in 2025, the momentum for the rise in prices of non-ferrous metals and stocks remains strong, supported by supply disruptions, localized high demand, and inventory accumulation, with expectations of increased price elasticity due to loose liquidity and heightened risk aversion from geopolitical conflicts [1] Group 1: Precious Metals - Precious metals are expected to benefit from the resonance of monetary attributes and sustained risk aversion, with gold projected to reach $6,000 per ounce by 2026 [1] - The extreme shortage of spot silver and high trading activity may lead to strong price elasticity, with silver prices anticipated to reach $120 per ounce by 2026 [1] Group 2: Industrial Metals - Supply constraints, resilient demand, and structurally low inventories are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton for copper and 23,000 yuan per ton for aluminum by 2026 [1] Group 3: Battery Metals - Lithium prices are expected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries [1] - Cobalt prices are projected to be in the range of 400,000 to 500,000 yuan per ton due to quota reductions [1] - Nickel prices are expected to rebound to $22,000 per ton by 2026, influenced by quota reductions in Indonesia [1] Group 4: Other Metals - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness and strategic metal premiums, with price targets of 600,000 to 800,000 yuan per ton for rare earths, 450,000 to 550,000 yuan per ton for tungsten, 450,000 to 500,000 yuan per ton for tin, and $100 per pound for natural uranium by 2026 [1]