Marvelous Metals Could Lift NBCM in 2026

Steadiness by some industrial metals and stellar performances by gold, silver and other precious metals supported 2025 gains for some broad-based commodities. That included the Neuberger Berman Commodity Strategy ETF (NBCM).

Investors considering NBCM as a 2026 play may wonder if they missed out on all the upside. Fortunately, some experts see upside for both industrial and precious metals next year. Validation of that thesis could underscore advantages with NBCM. The actively managed Neurberger Berman ETF can more rapidly seize on opportunities in the commodities complex than can its passively managed rivals.

Regarding the metals investment outlook, NBCM is more than relevant in that conversation. As of the end of the third quarter, the ETF had a combined 42.6% allocation to precious and metals.

NBCM Could Generate 2026 Upside

For industrial metals such as aluminum and copper, the U.S. and China will loom large in 2026. Those are the world’s two largest economies.

“Most base metals are likely to remain well supported next year. Uncertainty over US refined copper tariffs will likely continue to see strong refined copper flows to the US, tightening up the ex-US market,” noted ING. “And this coincides with a persistently tight copper concentrate market. For aluminium, the market is focused on China approaching its production cap, along with several producers elsewhere considering closures due to high power prices. We believe the aluminium market will be tight in 2026.”

As of the end of the third quarter, aluminum was a top-10 holding in NBCM. Speaking of the ETF’s holdings, gold is the largest at nearly 20%. That’s a good thing because that’s one of this year’s best-performing commodities. It’s possible, maybe even likely, the yellow metal can extend its bullish ways in 2026.

“We expect gold prices to remain strong and yet reach new heights. With the Fed set to cut rates and the USD likely to remain under pressure, this should be constructive for investment demand, while central banks are likely to continue adding to their reserves,” added ING.

Agriculture commodities, which represent 14.2% of the NBCM portfolio, could deliver next year, as well. Corn and soybeans could deliver help on that front. Both commodities are top-10 holdings in NBCM.

“While agri commodities have seen some downward pressure this year due to strong supply and trade tensions, we believe the corn, wheat, and soybean markets are set to tighten next season, suggesting the potential for some upside in prices. However, much will depend on US trade policy with China, while for soybeans, US biofuel policy is also important,” concluded ING.

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