Teck Resources Ltd. (NYSE:TECK)
Historical Stock Chart
5 Years : From Feb 2013 to Feb 2018
Commodity prices across the board continue to slide on concerns of slowing growth in China and Greece leaving the Euro signaling weaker demand for the metal. Copper prices hit four-month lows Wednesday. Copper on the Comex in New York touched $3.3865, the lowest it has been since Jan. 9. The Paragon Report examines investing opportunities in Copper Industry and provides equity research on Teck Resources Limited (NYSE: TCK) and Taseko Mines Limited (NYSE: TGB) (TSX: TKO).
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"Given this gloomy backdrop, we expect that markets will continue to be on the defensive for much of this week, at least until we see more specifics coming out from the EU policy meeting," Edward Meir, an analyst at INTL FCStone, said in a report. If Greece leaves the euro China's economy may be faced with the worst growth in over two decades, economists at China International Capital Corp said in an email report Wednesday. China is currently the world's biggest copper user and will see growth slow to 8.2 percent in 2012 from 9.2 percent in 2011 according to the World Bank.
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Teck currently owns, or has an interest in, 13 mines in Canada, the USA, Chile and Peru, as well as one metallurgical complex. They are actively exploring for copper, zinc and gold in the Americas, Asia Pacific, Europe and Africa. The company achieved record first quarter revenues and gross profits of $2.5 billion and $918 million, respectively, in the first quarter of 2012.
Taseko Mines is focused on the production of copper and molybdenum from the Gibraltar mine and on permitting the New Prosperity gold and copper project. The company recently reported revenues for the first quarter 2012 were $55.4 million from the sale of 12.8 million pounds of copper and 354 thousand pounds of molybdenum.
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