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Bank of America Corporation (BAC)

NYSE - Nasdaq Real-time price. Currency in USD
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42.18+0.17 (+0.40%)
At close: 4:00PM EDT
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Trade prices are not sourced from all markets
Previous close42.01
Open41.13
Bid42.18 x 2200
Ask42.19 x 4000
Day's range41.12 - 42.25
52-week range20.10 - 42.25
Volume39,253,429
Avg. volume56,317,408
Market cap361.454B
Beta (5Y monthly)1.58
PE ratio (TTM)18.10
EPS (TTM)2.33
Earnings date14 Jul 2021
Forward dividend & yield0.72 (1.76%)
Ex-dividend date03 Jun 2021
1y target est43.00
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  • Copper and Iron Ore Surge as Chinese Investors Unleash Demand
    Bloomberg

    Copper and Iron Ore Surge as Chinese Investors Unleash Demand

    (Bloomberg) -- Spot iron ore broke $200 a ton for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following a three-day holiday.The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a ton for the first time since 2011 on Thursday. In the wake of mounting evidence of inflation -- fueled by higher raw materials prices -- investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries -- which include switching to electric vehicles and expanding wind and solar power -- are likely to generate additional demand for metals.”Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.Copper for three-month delivery rose 1.4% to settle at $10,092 a ton on the London Metal Exchange.Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.Read more: Copper’s Surge Toward a Record High Is Hitting Chinese IndustryStill, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best-performing metal on the LME.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.