全球大宗商品 2026 年展望：供应驱动的 “鳄鱼周期”—— 紧俏金属持续跑赢过剩能源；G9 旧品仍是第四年的买入标的-Global Commodities 2026 Outlook_ Supply-driven crocodile cycle—tight metals continue to beat glutted energy. G9 old remains a fourth-year buy

J P M O R G A N Global Markets Strategy 03 December 2025 Global Commodities 2026 Outlook Supply-driven crocodile cycle—tight metals continue to beat glutted energy. G9 old remains a fourth-year buy Key Takeaways Figure 1: BCOM Energy vs All Metals ER indices and JPM forecast Index level (dashed is forecast) Source: Bloomberg Finance L.P., J.P. Morgan Commodities Research Global Commodities Research Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Gregory C. Shearer (44-20) ...