This year has been very good to gold (GCG26) and silver (SIH26) market bulls, as Comex futures prices have gained around $1,700 so far this year and silver has more than doubled in price. Will 2026 be as kind to the two precious metals? Given that this year’s price gains in both gold and silver are set to be the biggest ever, it would be a very tall order to expect price action in 2026 to be stronger than that seen in 2025. But you never really know — especially in the endeavor of trying to analyze and fo ...

格隆汇12月5日｜花旗集团表示，预计未来6至12个月铜价将涨至每吨1.3万美元(涨幅约15%)，2027年铝 价将涨至每吨3500美元(涨幅约20%)；预计明年锡价将触及每吨4.5万美元(涨幅15%)；维持2026年布伦 特原油价格在每桶55至65美元区间波动的预期，预计2026年一季度均价为每桶60美元，二至四季度均价 为每桶62美元，2027年均价为每桶64美元。 ...

Group 1 - Citi has a bullish outlook for copper, predicting prices will exceed $11,000 per ton by the end of 2026 [1] - The bank has raised its long-term aluminum price forecast from $3,000 per ton to $3,500 per ton by 2027 [1] - Silver prices are expected to rise to $43 per ounce in the coming months [1] Group 2 - Citi maintains its Henry Hub natural gas price target at $3.8 per million British thermal units for the next 0-3 months [1] - The average price forecast for Brent crude oil in 2026 has been slightly lowered from $65 per barrel to $62 per barrel [1] Group 3 - China, as the world's largest copper consumer, faces three major challenges: increasing dependence on foreign resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1] - Shanghai Nonferrous Metals Network is collaborating with copper industry chain enterprises to compile a bilingual distribution map of the Chinese copper industry chain for 2026 [1]

Group 1: Commodity Price Forecast - Gold is expected to experience range-bound fluctuations, while copper and oil are anticipated to trend upwards [1][14] - Domestic copper concentrate processing fees have plummeted, and the Panama copper mine has not yet resumed operations, indicating a tight supply for copper, which supports an upward price trend [15] Group 2: Consumer Trends - Passenger car sales have rebounded, while new and second-hand housing sales have weakened, with first-tier cities seeing a decline in second-hand housing price growth [3] - The summer consumption heat is recovering, with an increase in foot traffic in commercial areas and subway passenger volumes, alongside improved hotel occupancy rates and average room prices [4] Group 3: Foreign Trade - Overall export performance is weakening, with shipments to the U.S. shifting from growth to decline [5][6] - Concerns over the expiration of tariff exemptions have led to a decrease in container bookings to the U.S., with a corresponding drop in shipping volumes [7] Group 4: Production Insights - Demand remains relatively resilient, with an increase in the price of thermal coal due to rising daily coal consumption at power plants [9][12] - The production of rebar has increased, and while social inventory continues to decline, factory inventory has shifted from decline to increase [11] Group 5: Price Movements - Geopolitical risks have eased, leading to a decline in gold and oil prices, although oil prices may rebound if conflicts resume [13] - Domestic prices for cement, rebar, glass, and thermal coal have shown signs of recovery [13]