Blame low coal and copper prices… “Canada’s largest diversified miner Teck Resources Ltd reported on Thursday its quarterly operating profit fell mostly due to lower prices of coal and copper,” reports Reuters.
“The Vancouver-based company said its selling price for coal declined 11 percent, while that of copper fell 10 percent during the fourth quarter ended Dec 31.”
“The company said its operating profit in the period fell to C$407 million from C$716 million a year earlier.”
“Excluding gains from asset sales, impairment charges and other items, the company earned C$227 million ($207 million), or 40 Canadian cents per share, in the quarter. This compared to an adjusted profit of C$409 million, or 70 Canadian cents per share, a year earlier.”
In metal price news for copper…
Dropping 1.1 percent on the LME, the copper cash price was the biggest mover on Wednesday, February 12, closing at $7,120 per metric ton. The copper 3-month price saw a 0.8 percent decline on the LME to $7,097 per metric ton.
The cash price of primary Japanese copper rose 0.5 percent. The price of US copper producer grade 122 weakened by 0.3 percent. The price of US copper producer grade 110 fell 0.3 percent. The price of US copper producer grade 102 declined 0.2 percent.
Chinese copper prices were flat for the day. The price of Chinese copper wire remained essentially flat. The price of Chinese copper bar held steady. The cash price of Chinese copper held steady. The price of Chinese bright copper scrap held steady.