Copper production rose sequentially, but sales of about 66,000 tonnes fell short of CIBC's estimate of 66,300 tonnes, hit by port congestion at the miner's Highland Valley operations, the brokerage said.
The red metal has been in high demand as global industrial activity picks up from pandemic lows, with government stimulus, tightened supply and the rise of electric vehicles boosting prices further.
Commodities such as steel, crude oil and natural gas have also become more expensive, pushing up Teck's supply costs for fuel, mining equipment, tires and explosives.
The cost inflation is expected to put "modest upward pressure" on Teck's cash unit costs in the second half of the year, the company said.
The miner also raised its estimated COVID-19-related costs for the Quebrada Blanca Phase 2 project in Chile to about $600 million, from a range of $450 million to $500 million earlier. Construction at the project advanced despite the country's sharp rise in coronavirus cases, and first production is on track for the second half of 2022, it said.
Teck slashed its annual forecast for bitumen production by 28.9% at midpoint, due to a slower ramp-up at its Fort Hills oil sands mining and processing operation in Alberta. The company also cut its steelmaking coal production forecast by 1.9% at midpoint due to wildfires in British Columbia.
Its adjusted quarterly profit of 63 Canadian cents per share fell below analysts' estimate of 65 Canadian cents, according to Refinitiv IBES.
($1 = 1.2544 Canadian dollars)
(Reporting by Sahil Shaw in Bengaluru; Editing by Amy Caren Daniel and Devika Syamnath)
By Sahil Shaw