Sou Hu Cai Jing·2026-02-02 03:56Group 1 - The core viewpoint of the article is that CITIC Securities forecasts strong price increases for precious metals, with gold expected to reach $6,000 per ounce and silver projected to hit $120 per ounce by 2026 due to monetary attributes and safe-haven demand [1][3] - Recent fluctuations in gold and silver prices were noted, with gold reaching a historical high of $5,598.75 per ounce on January 29, followed by a rapid decline of 9.25% to below $5,000 on January 30, and further dropping to around $4,680 per ounce by February 2 [3] - Silver also experienced significant volatility, peaking at $121.647 per ounce on January 29, then falling 26.42% to $85.259 on January 30, and subsequently dropping below $80 by February 2 [3] Group 2 - CITIC Securities' non-ferrous metals team anticipates that supply constraints, resilient demand, and structurally low inventories will support strong copper and aluminum prices, with average prices expected to be $12,000 per ton for copper and $23,000 per ton for aluminum by 2026 [3] - The price of lithium is projected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries, while cobalt prices are expected to be between 400,000 and 500,000 yuan per ton due to quota reductions [3] - Nickel prices are forecasted to rebound to $22,000 per ton by 2026, influenced by quota reductions in Indonesia [3] Group 3 - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to benefit from supply-demand tightness and strategic metal premiums, with price targets ranging from 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 [4]