Bank of America favors copper and uranium amid gold pressure

CMC: Commercial Metals Company (CMC) is a steel producer focused on long products and infrastructure. Bank of America covers it with a blended valuation multiple. The company is part of the analyst's steel and base metals assessment. Nucor: Nucor is a major US steel producer with a variable cost structure. Bank of America covers it with EV/EBITDA and NAV metrics. The company is part of the steel and base metals commentary. Cameco: Cameco Corporation is one of the world's largest providers of uranium fuel for nuclear power with a stake in Westinghouse. Bank of America named it as its top uranium pick amid global supply constraints and power-grid demand. The analyst maintained a Buy rating noting its exposure to both uranium prices and nuclear buildout. Royal Gold: Royal Gold is a precious metals royalty company. It is covered by Bank of America with a NAV multiple reflecting cash flow characteristics. The company is part of the royalty and streaming review. Alamos Gold: Alamos Gold is a precious metals producer with assets including the Island, Mulatos, and Young-Davidson mines. Bank of America downgraded it to Neutral as part of its broader caution on gold amid rising interest rates. The company remains part of the analyst's coverage universe with a detailed NAV-based valuation framework. B2Gold Corp: B2Gold Corp is a mid-tier gold producer with assets including the Goose project. Bank of America provides coverage with a NAV multiple reflecting execution risks. It is part of the note's review of precious metals stocks. Barrick Gold: Barrick Gold is a senior gold producer with a global portfolio. It is included in Bank of America's coverage with a price objective based on net asset value. The company features in the analyst's outlook on gold under higher rate conditions. Kinross Gold: Kinross Gold is a North American precious metals producer focused on gold mining. Bank of America downgraded the stock to Underperform in its latest metals note. The move reflects the analyst's view that higher US rates should weigh on gold prices. MP Materials: MP Materials is the only integrated rare earth producer in the Western Hemisphere. It is covered by Bank of America with a valuation reflecting strategic and government support factors. The stock appears in the critical minerals section. Aura Minerals: Aura Minerals is a precious metals producer with operations in the Americas. It is covered by Bank of America with a NAV-based price objective reflecting its growth profile. The stock is included in the analyst's precious metals assessment. Centerra Gold: Centerra Gold is a precious metals producer with assets including the Öksüt mine. It is covered by Bank of America with a NAV-based valuation. The stock is part of the analyst's precious metals universe. Eldorado Gold: Eldorado Gold is a precious metals producer with operations in Greece and Türkiye. It is covered by Bank of America with a NAV multiple reflecting jurisdictional factors. The stock is included in the precious metals portion of the note. Franco-Nevada: Franco-Nevada is a leading precious metals streaming and royalty company. It is covered by Bank of America with a premium NAV multiple. The company is part of the analyst's precious metals and royalty assessment. IAMGOLD Corp.: IAMGOLD Corp. is a gold producer with projects including Cote Gold. It receives coverage from Bank of America with a NAV multiple. The company is included in the precious metals review. Ivanhoe Mines: Ivanhoe Mines is a copper developer with projects including Kamoa-Kakula. Bank of America provides coverage with a NAV target reflecting growth potential. It is assessed in the copper thematic. Lawson Winder: Lawson Winder is Bank of America's metals and mining analyst who authored the recent outlook note on commodities and stocks. He expressed preference for copper and uranium producers due to supply issues and demand from power grids while noting higher rates as a headwind for gold. The note included specific stock actions and price target adjustments. Nexa Resources: Nexa Resources is a base metals producer. Bank of America has removed its investment opinion and price objective on the stock. It remains noted in the coverage universe. Reliance, Inc.: Reliance, Inc. is a metals service center company. Bank of America provides coverage with EV/EBITDA and NAV-based valuation. It appears in the analyst's metals distribution assessment. Steel Dynamics: Steel Dynamics is a US steel producer with downstream capabilities. Bank of America provides coverage with EV/EBITDA targets. It is assessed in the steel thematic. Teck Resources: Teck Resources is a diversified mining company. Bank of America has removed its investment opinion and price objective on the stock. It remains referenced in the coverage list. Bank of America: Bank of America is a major global financial institution providing investment banking, research, and advisory services across sectors including metals and mining. Its metals and mining analyst recently issued an outlook note favoring copper and uranium producers while highlighting pressure on gold from higher interest rates. The bank also shared specific stock recommendations and coverage details for numerous mining companies in the report. Hudbay Minerals: Hudbay Minerals is a copper and gold producer with assets in the Americas. Bank of America covers it with EV/EBITDA and NAV-based targets. The stock appears in the copper and base metals section of the note. SSR Mining Inc.: SSR Mining Inc. is a precious metals producer with assets including the Copler mine. Bank of America covers it with a NAV-based objective reflecting operational factors. The stock is included in the precious metals note. Cleveland-Cliffs: Cleveland-Cliffs is a major US steel producer with automotive exposure. It is included in Bank of America's coverage with an EV/EBITDA and NAV-based price objective. The stock appears amid the analyst's base metals and steel commentary. Freeport-McMoRan: Freeport-McMoRan is a leading copper producer with significant operations including the Grasberg mine. It was highlighted by Bank of America analysts as their top copper stock pick due to supply constraints and electrification demand. The firm also raised its price target on the company citing operational progress and growth prospects. Alcoa Corporation: Alcoa Corporation is a major aluminum producer with operations spanning mining to finished products. It is part of Bank of America's coverage universe with a price objective tied to EV/EBITDA and NAV metrics. The stock appears in the analyst's base metals and industrial commentary. Agnico Eagle Mines: Agnico Eagle Mines is a North American gold producer with a focus on organic growth. It is included in Bank of America's metals coverage with a valuation based on net asset value multiples. The company features in the analyst's broader assessment of precious metals amid rate pressures on gold. Cameco Corporation: Cameco Corporation is a leading uranium producer and nuclear fuel supplier. Bank of America highlighted it as a top pick for uranium exposure through its assets and Westinghouse stake. The analyst maintained a positive rating citing nuclear buildout trends. Lundin Mining Corp: Lundin Mining Corp is a base metals producer with copper and other assets. Bank of America covers it with EV/EBITDA multiples. The company is part of the analyst's industrial metals outlook. Newmont Corporation: Newmont Corporation is the world's largest gold producer. Bank of America covers it with a NAV-based price objective. It is included in the analyst's precious metals assessment under rate pressure considerations. Pan American Silver: Pan American Silver is a precious metals producer focused on silver and gold. It receives coverage from Bank of America with a NAV target. The stock is included in the precious metals portion of the note. Centrus Energy Corp.: Centrus Energy Corp. is a US-based nuclear fuel company with enrichment capabilities. It receives coverage in Bank of America's metals note with a valuation reflecting government support and market fundamentals. The firm is assessed in the context of uranium and nuclear themes. Almonty Industries Inc: Almonty Industries Inc is a tungsten producer with projects in multiple jurisdictions. It received coverage in the Bank of America metals note with a valuation framework reflecting critical minerals exposure. The company is assessed amid the analyst's views on industrial metals demand. First Quantum Minerals: First Quantum Minerals is a copper producer with assets including the Cobre Panamá mine. Bank of America provides coverage with EV/EBITDA and NAV metrics. It features in the analyst's copper outlook. Wheaton Precious Metals: Wheaton Precious Metals is a major precious metals streaming company. It receives coverage from Bank of America with a premium NAV multiple. The stock is included in the analyst's royalty and streaming review. Triple Flag Precious Metals Corp.: Triple Flag Precious Metals Corp. is a precious metals royalty and streaming company. Bank of America covers it with a NAV multiple. The company is part of the royalty assessment in the note. Top Picks: Freeport-McMoRan and Cameco were highlighted as preferred exposures in copper and uranium respectively within the metals coverage. Commodity Preference: Bank of America analysts favor copper and uranium producers amid global supply constraints and rising power-grid demand from electrification. Interest Rate Impact: Higher US interest rates are viewed as supportive for the dollar while exerting downward pressure on gold prices.