Bank Of America's Top 3 Commodity Stock Picks For 2026

Bank of America’s 2026 message for commodity investors is clear: stick with gold, don't miss uranium's rally and buy copper before the market fully reprices it.

In a note shared Wednesday to clients, the firm’s commodity analyst Lawson Winder named three companies:

• Agnico Eagle Mines Ltd. (NYSE:AEM) as the preferred precious-metals name
• Cameco Corp. (NYSE:CCJ) as the top nuclear fuel pick, and
• Freeport-McMoRan Inc. (NYSE:FCX) as its favorite copper exposure.

A Macro Backdrop Miners Rarely Get

Bank of America anchored its calls to four macro forces: rising U.S. industrial policy, a potentially weaker U.S. dollar, persistent geopolitical tension and growing uncertainty around tariffs.

Policy, not just supply and demand, will continue to drive metals pricing in 2026, the firm predicts.

A softer dollar historically boosts metals prices and mining equities, while tariffs and export controls continue to disrupt global supply chains.

Against that backdrop, the firm leaned into sectors where pricing power and geopolitical relevance overlap.

“In 2025, the Metals & Mining industry globally was turned on its head when the US began implementing industrial policy, by directly intervening in sectors deemed to be strategically critical,” Winder said. “We expect this to be an increasingly prominent theme in 2026.”

Precious Metals: Gold Takes Center Stage (Again)

Bank of America says Agnico Eagle Mines pairs consistent execution with compelling growth potential, citing its history of meeting or beating production guidance, focus on low-risk Canadian assets, and what it views as unwarranted share price weakness late in 2025.

The firm set a $227 price objective on the stock, implying roughly 26% upside from early January levels.

The gold call itself was aggressive. Bank of America forecasts gold averaging $4,538 per ounce in 2026, up 32% year over year, while laying out a $5,000 per ounce upside scenario.

Uranium's Setup Improves Into Late 2026

Cameco is Bank of America's top nuclear energy and fuel pick for 2026, with the firm raising its price objective from $115 to $125 per share.

“We think (still) rising electrical energy demand, US trade and industrial policy, Japan restarts, new builds, continued mine supply disruptions, and the (H2) return of US utility buying are key themes to watch in 2026,” Winder said.

Bank of America expects uranium prices to rebound sharply in the second half of 2026 as utility buying returns and inventories tighten, following subdued contracting activity in 2024 and 2025.

The firm forecasts uranium prices rising 43% year over year to $105 per pound in 2026,

Cameco benefits from owning 96% of North America's uranium production and has deep exposure to the entire nuclear supply chain—from mining to conversion to reactor tech.

The firm also sees a potential $35.90 per share uplift if Cameco restarts its idled assets like Rabbit Lake and Springfields.

Copper's Underperformance Is The Opportunity

Freeport-McMoRan rounds out Bank of America's top three as its preferred copper name for 2026. The firm raised its price objective to $68 from $58, citing higher copper valuation multiples and improving operational visibility following the Grasberg mud rush incident in September 2025.

Bank of America expects copper prices to rise 18% year over year to an average of $5.33 per pound in 2026.

While it expects Chinese demand to slow, it believes a rebound in U.S. and European demand, supply disruptions and trade protection will support prices. Freeport's shares remain a laggard relative to the commodity.

Since the incident, copper prices have climbed sharply, while Bank of America noted Freeport still trades below where the metal implies.