Goldman Sachs has adopted a pessimistic outlook for several major commodities in 2026, warning that markets for aluminum, lithium, and iron ore are likely to face downward pressure next year.

In its latest commodities assessment, the investment bank cited weakening demand dynamics and an expected increase in global supply as key factors weighing on these raw materials. Goldman Sachs analysts said the combination of slowing industrial activity and easing bottlenecks in mining and processing is likely to keep prices subdued through 2026.

The bank also cautioned that the recent surge in copper prices, which briefly pushed the metal above $11,000 per tonne, is unlikely to be sustained. Goldman Sachs characterized the rally as “short-lived,”driven largely by temporary supply disruptions and speculative inflows rather than durable improvements in demand fundamentals.