Citi: Aluminum will face a structural shortage in 2026, raising the short-term target price to USD 3,400 per ton.

Citi believes that a structural bull market in aluminum is taking shape, with the 'front-loading' and recovery of domestic aluminum demand providing incremental support for aluminum consumption by early 2026. At the same time, fundamentals are shifting from supply constraints to structural shortages, with Citi forecasting a minor structural deficit of 61,000 tons in 2026. Consequently, Citi has raised its 0-3 month aluminum price target from USD 2,950 per ton to USD 3,400 per ton.

wallstreetcnJan 15 18:54 · Ratings

This investment bank’s latest commodity outlook: 'Tactically bullish' on crude oil and precious metals, 'structurally bullish' on aluminum, and copper prices 'may peak within a month.'

Citi's research report indicates that the commodities market is at a turning point. Crude oil is expected to reach a short-term target of $70 per barrel driven by geopolitical factors, but faces long-term pressure from oversupply. Precious metals are bullish, with silver targeting $100 per ounce and gold $5,000 per ounce. Among industrial metals, aluminum presents the most opportunity due to supply shortages, with a target range of $3,400-$3,500 per metric ton. Copper prices are projected to reach $14,000 per metric ton, but January may mark the peak for the entire year.

wallstreetcnJan 15 18:18

Express News | The non-ferrous metals sector in Hong Kong stocks continued its upward trend, with Ganzhou Lithium, Zijin Mining, and Jiangxi Copper all rising more than 3%, while Luoyang Molybdenum and Tianqi Lithium increased by over 2%.

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