Teck Resources Stock Erodes With Copper’s Falling Price

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Shares of Teck Resources, Canada’s largest copper miner, hit a new 4-year low yesterday, Bloomberg reported.

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The dollar rose to its highest level in more than 10 years on Friday, which helped weigh down the metal’s price.

On Wednesday, January 7, the cash price of Japanese copper fell by 2.5%, landing at JPY 769,000 ($6,480) per metric ton and making it the day’s biggest mover. After holding steady for the past few days, the price of US copper producer grade 110 fell 0.8%, closing at $3.51 per pound. After remaining flat for three days, the price of US copper producer grade 122 fell 0.8% on Wednesday to $3.51 per pound. After three straight days of no change, the price of US copper producer grade 102 decreased by 0.8% to $3.70 per pound.

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Prices of Chinese copper were down across the board yesterday. The price of Chinese bright copper scrap fell 0.7% on Wednesday to CNY 40,100 ($6,458) per metric ton after three straight days with no change. The price of Chinese copper wire fell 0.2% to CNY 45,660 ($7,353) per metric ton. Chinese copper bar finished the day down 0.2% to CNY 46,460 ($7,482) per metric ton. The Chinese copper cash price saw a 0.1% decline to CNY 46,660 ($7,514) per metric ton.

The copper 3-month price reached a 30-day low on the LME after decreasing 0.5% to $6,120 per metric ton. Primary cash copper saw its price drop on the LME 0.4% to a 30-day low of $6,190 per metric ton on Wednesday.

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