Teck Resources Ltd (TECK) Soars 5.4%: Is Further Upside Left in the Stock? – Investing.com
- Date: 13-Jan-2022
- Source: Investing.com
- Sector:Financial Markets
- Country:Middle East
Teck Resources Ltd (TECK) Soars 5.4%: Is Further Upside Left in the Stock? – Investing.com
Teck Resources Ltd (NYSE:) shares rallied 5.4% in the last trading session to close at $34.18. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.6% gain over the past four weeks.
Higher prices have led to a surge in the share price of Teck Resources. Copper futures for March delivery have gone up to $4.5 per pound — levels last seen in October 2021. This was driven by a pullback in the U.S dollar and expectations of stronger demand from China while inventories held at the London Metals Exchange are at multi-year lows. Further, reports of Teck Resources receiving a notice of a potential strike at its Highland Valley Copper mine in British Columbia have triggered supply concerns for the metal.
Meanwhile, Goldman has raised the 12-month target price of copper to $12,000 per ton (around $5.4 per pound).
This company is expected to post quarterly earnings of $2.19 per share in its upcoming report, which represents a year-over-year change of +525.7%. Revenues are expected to be $3.77 billion, up 92% from the year-ago quarter.