Jul. 9 at 8:43 PM
Bank of America Global Research lowered its near-term commodity price forecasts and reduced price targets across most of its North American metals and mining coverage after revising expectations for precious and base metals. The firm expects market conditions to remain challenging through the fall but sees the potential for a recovery later in the year. Despite the weaker outlook, BofA remains most constructive on uranium, nickel, platinum, and silver, while forecasting further weakness in U.S. hot-rolled steel prices.
For 2026, BofA highlights three top stock picks. Cameco is its preferred uranium name, supported by supply discipline, utility restocking, strong pricing potential, and its stake in Westinghouse Electric. Freeport-McMoRan remains its top base metals pick as copper prices continue to outperform forecasts, with operational improvements and production growth expected to drive further upside.
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