Teck Resources Reports Big Earnings Drop on Lower Copper, Coal Prices

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Canadian miner Teck Resources Ltd. reported a 68.5% drop in quarterly earnings on Wednesday, hurt by lower prices for steelmaking coal and a fall in copper production.

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The company is also one of the world’s biggest producers of zinc and it raised its full-year production forecast for the metal for the second time this year due to the strong performance of its Red Dog mine in Alaska and growing demand from the auto industry in the US and China, Reuters reported.

On Tuesday, October 28, the day’s biggest mover was the copper 3-month price, which saw a 0.6% increase on the LME to $6,738 per metric ton. Also on the LME, the primary copper cash price gained 0.6% to finish at $6,800 per metric ton.

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The price of US copper producer grade 122 increased 0.5% to $3.78 per pound. At $3.78, the price of US copper producer grade 110 finished the market day up 0.5% per pound. The price of US copper producer grade 102 inched up 0.5% to $3.97 per pound. The cash price of primary Japanese copper showed little movement yesterday at JPY 760,000 ($6,981) per metric ton.

Chinese copper prices were mixed for the day. Chinese copper bar gained 0.6% to finish at CNY 49,000 ($7,978) per metric ton. The cash price of Chinese copper rose 0.6% to CNY 49,200 ($8,011) per metric ton. The price of Chinese copper wire was unchanged at CNY 50,395 ($8,205) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 44,300 ($7,213) per metric ton for the fifth day in a row.

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