2月2日，中信证券发布主要金属2026年价格展望。 此外，稀土、钨、锡、天然铀等金属有望继续享受供需紧张和战略金属溢价，价格目标（区间）分别为60-80万元/吨、45-55万元/吨、45-50万元/吨和100美 元/磅。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 中信证券指出，贵金属将受益于货币属性和避险情绪共振延续强势，黄金2026年有望涨至6000美元/盎司，现货的极度短缺和交易热度或带来白银较强的价 格弹性，银价2026年有望涨至120美元/盎司。 来源：市场资讯 电池金属中，锂价受到储能电池强劲需求拉动，2026年价格区间有望上行至12-20万元/吨；钴受配额削减影响，价格区间预计为40-50万元/吨；印尼镍配额 缩减有望推动镍价反弹，2026年有望涨至2.2万美元/吨。 供给约束、需求韧性以及结构性低库存将继续支撑铜铝价格偏强运行，预计2026年铜、铝均价分别为12000美元/吨、23000元/吨。 ...

Core Viewpoint - The report from CITIC Securities predicts significant price increases for various metals by 2026, driven by factors such as monetary attributes, safe-haven demand, supply constraints, and structural low inventories [1] Group 1: Precious Metals - Precious metals are expected to benefit from the continued resonance of monetary attributes and safe-haven sentiment, with gold projected to reach $6,000 per ounce by 2026 [1] - Silver is anticipated to experience strong price elasticity due to extreme shortages and trading enthusiasm, with a price target of $120 per ounce by 2026 [1] Group 2: Base Metals - Supply constraints, resilient demand, and structural 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, 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]

Core Viewpoint - Goldman Sachs expects copper prices to outperform aluminum prices by 2026, maintaining a bullish stance on copper and a bearish outlook on aluminum [1] Group 1: Copper Price Forecast - Goldman Sachs reaffirms its long-term copper price forecast of $15,000 per ton by 2035 [1] - The average copper price is projected to stabilize at $11,400 per ton in a baseline scenario for 2026 [1] Group 2: Aluminum Price Forecast - Goldman Sachs predicts that aluminum prices will decline by 19% from current spot prices by the end of 2026, reaching $2,350 per ton [1]

锌价预计在2026年小幅回落至2900美元/吨，而镍价则可能回落至15500美元/吨，因需求增速与供应增 速基本持平。 铅价方面，摩根士丹利预测均价将略高于2000美元/吨，伦敦金属交易所库存高企表明市场处于供过于 求状态。 该行同时预计，2025年铜市场将出现26万吨缺口，2026年缺口将扩大至60万吨，因此没有太多容许供应 中断的空间。 12月16日（周二），摩根士丹利调整对铝、锌、镍和铅的2026年价格预期。 该机构在报告中指出，预计2026年第二季度铝价为每吨3250美元。 ...

Group 1 - Goldman Sachs raised its 2026 first-half average price forecast for LME copper to $10,710 per ton, up from a previous forecast of $10,415 per ton [1] - The firm also expects LME aluminum prices to decline to $2,350 per ton in the fourth quarter of 2026 [1]

11月28日（周五），摩根大通（JP Morgan）周五在一份报告中称，预计2026年一季度铜价将升至 12,000美元/吨，预计2026年全年均价料为12,075美元/吨。 该报告预计2026年铝均价为2,675美元/吨。 该报告还表示，"在持续强劲的需求、官方储备积累和投资者多样化的支持下，金价料升至5,000美元/盎 司。" 报告还预计白银价格将随黄金一起上涨，可能升至85美元/盎司。 （文华综合 ） ...

那中长线投资者该怎么布局呢？帮主给大家三个实在的思路。第一，别追高，要"逢低布局"。短期金价 波动的时候，咱们沉住气，等回调到合理区间再分批买入，既降低成本，又能避免短期波动的风险。第 二，把黄金当"资产安全垫"，别重仓押注。黄金的核心价值是避险和抗通胀，适合作为资产组合里的配 置部分，平衡股票、基金这些风险资产的波动，而不是把所有钱都投进去赌5000美元的目标。第三，紧 盯核心逻辑，不被短期噪音干扰。只要矿产供应紧张、库存低迷、政策支撑这些核心因素没变，黄金的 长期趋势就值得看好；如果这些逻辑发生变化，咱们也得及时调整策略。 帮主做了20年财经记者，见过太多市场上的重磅预测，有的实现了，有的没达标。关键不是迷信预测数 字，而是看懂背后的基本面逻辑。黄金这波上涨有实实在在的供需和政策支撑，长期趋势值得关注，但 中长线投资拼的是耐心和理性，不是一时的冲动。 先说说美国银行这个预测的核心逻辑，可不是随便喊的。以迈克尔·维德默为首的策略师团队分析得很 明白，现在黄金虽然看着有点"超买"，但其实还处于"投资不足"的状态，而且美国那波不太寻常的经济 政策，给金价提供了实打实的支撑。他们还说了，明年黄金均价就能到4538 ...

Group 1: Copper Market Outlook - Goldman Sachs expresses a bullish outlook on the copper market, raising the long-term price forecast for copper to $15,000 per ton by 2035, significantly above the market consensus of $10,900 per ton [1] - The new "long-term copper incentive curve" pricing model indicates that copper prices will be capped below $11,000 per ton in 2026-2027 due to a slight market surplus, but a supply gap is expected later in the decade due to resource constraints and growing demand in key sectors [1][2] - The analysis identifies three core reasons for the anticipated copper supply gap: slower-than-expected depletion of mine output, constraints on production growth in the Democratic Republic of Congo, and lower-than-expected refined copper demand due to increased aluminum substitution [3] Group 2: Aluminum Market Outlook - Goldman Sachs maintains a bearish stance on aluminum prices, predicting a decline to $2,350 per ton by Q4 2026, with recovery not expected until the early next decade [5] - The firm expects that new supply will push the aluminum market into surplus, although demand will benefit from similar drivers as copper, without facing the same resource constraints [5][7] - Long-term aluminum price forecasts have been extended, with expectations for prices to trade between $2,900 and $3,400 per ton from 2030 to 2035 [6] Group 3: Supply Dynamics and Recycling - The comprehensive waste supply model developed by Goldman Sachs indicates that the recycling rate for copper has been limited to around 75% over the past decade, with a potential increase in recycling rates tied to rising copper prices [4] - The firm estimates that a 10% increase in copper prices could raise the recycling rate by 0.8%, although diminishing returns are expected as the rate approaches 80% [4] - Global aluminum production is projected to increase by approximately 13 million tons from 2025 to 2035, with Central Asia, Iran, and sub-Saharan Africa identified as future growth centers for aluminum production [7]

Group 1 - Goldman Sachs raised its 2025 copper price forecast from $10,385 per ton to $10,610 per ton, reflecting an upward trend in the fourth quarter [1] - The bank maintains a price range of $10,000 to $11,000 per ton for 2026-2027, anticipating a slight market surplus [1] - A supply deficit is expected in the latter part of this decade due to increasing resource constraints and accelerated demand in key sectors, driving prices higher [1] Group 2 - Goldman Sachs projects a long-term copper price of $15,000 per ton by 2035, which is above market expectations and forward contract prices of approximately $10,390 per ton, based on the assumption that long-delayed mining projects will not come online [1] - The bank remains bearish on aluminum prices for the next 12 months, forecasting a decline to $2,350 per ton by the fourth quarter of 2026 due to new supply leading to market oversupply [1] - Although aluminum prices are expected to recover thereafter, they are not anticipated to return to current levels until the early part of the next decade, with long-term forecasts predicting prices to fluctuate between $2,900 and $3,400 per ton from 2030 to 2035 [1]

智通财经7月1日电，德商银行表示，预计2025年底锌价为每吨2800美元的预测。 ...