Goldman also pointed to supply shortages in aluminum and palladium. Year-to-date, the iPath Dow Jones-UBS Aluminum Subindex Total ReturnSM ETN (NYSEArca: JJU) is up 10.2% and iPath Pure Beta Aluminum ETN (NYSEArca: FOIL) is 7.8% higher. Meanwhile, the ETFS Physical Palladium Shares (NYSEArca: PALL) rose 23.0% so far this year.

The Goldman analysts anticipate nickel, aluminum and palladium markets to run in a supply deficit over the next three years. Morgan Stanley also believes nickel and palladium will continue to advance, with a shortage in nickel next year and industrial demand fundamentals supporting palladium.

On the other hand, Goldman expects copper, oil and soybeans to remain in surplus. Year-to-date, the iPath Dow Jones-UBS Copper Subindex Total Return ETN (NYSEArca: JJC) is down 4.3%, United States Oil Fund (NYSEArca: USO) is up 6.6% and Teucrium Soybean Fund (NYSEArca: SOYB) rose 1.2%.

For more information on the commodities space, visit our commodity ETFs category.