Cuatro materias primas para ganar más del 20%

Four key commodities stand to deliver more than 20% return to investors so far this year, according to Citi analysts. A relay race in the precious metals market could continue into 2027, driven by bullish sentiment beyond the 20% Citi predicts. Geopolitical turbulence, demand from artificial intelligence (AI) and El Niño effects contribute to a favorable scenario for commodities to boost the rally this year. Data shows even triple-digit gains possible.

Geopolitical conflicts in the Middle East and Russia/Ukraine, along with El Niño's strength, have combined to create inflationary shocks through energy and agricultural commodity prices. Energy and agricultural commodity prices surged 90% and 20% respectively this year, according to Citi analysts. The overall commodities index is expected to see an average revaluation of 30% by year-end, outperforming other Wall Street gains. The upward trend may continue in the medium term.

Citi sees the most potential in precious metals, with the metal offering the greatest revaluation potential. Platinum is projected to appreciate near 17% in zero to three months and 40% in six or twelve months. The silver price continues to mirror gold's movements with higher beta, making it an ideal option for betting on price increases if the Strait of Hormuz reopens, Citi analysts suggest.

Citi's updated projections project silver prices up to $90 per ounce in a six to twelve-month investment horizon. The firm believes a supply shortage for platinum, aided by ETFs and AI/5G/electric vehicle demand, will persist until 2027. Agricultural commodities could see a 24% revaluation if Citi's predictions hold, potentially reaching near 7% gains by year-end.

The sugar rally still has room to run, despite short-term consolidation. Citi remains positive about sugar's price evolution, citing two key drivers: El Niño's strengthening effects, particularly between November 2026 and January 2027, and increased ethanol demand. High oil prices above $100 have led to higher ethanol prices, benefiting commodities like palladium.

Palladium stands to benefit from a potential Strait of Hormuz reopening, though other factors could drive its price. Citi notes continued physical supply deficits in palladium support its price. Additionally, "green" breakthroughs in AI-related themes could provide support, though most palladium demand remains tied to the automotive catalyst sector.

Citi's optimism about uranium prices extends beyond the short to medium term. The firm remains bullish on uranium for the next two to three years, citing growing appetite for nuclear energy, the search for alternatives to oil and gas, and increased energy demand from AI, all pointing to a potential mini-reactor nuclear development boom.