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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Teck Resources Limited    TECK.B   CA8787422044

TECK RESOURCES LIMITED

(TECK.B)
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Teck Resources : Copper slips as inventories climb and China premiums dip

04/07/2021 | 07:26am EDT

LONDON, April 7 (Reuters) - Copper fell from a two-week high on Wednesday on worries over demand as inventories continued to increase and premiums for the red metal into top consumer China fell.

Benchmark copper on the London Metal Exchange (LME) shed 1.3% to $8,933 a tonne by 1650 GMT. The metal touched its highest level since March 23 at $9,104 in the previous session.

Copper inventories in LME-registered warehouses have since surged to 150,325 tonnes compared with 74,200 tonnes at the end of February. <MCUSTX-TOTAL>

Stocks have also climbed elsewhere. <CU-STX-SGH>

"Stocks have almost doubled since the lows in February. That's not a good sign in supporting the narrative around any immediate deficit," said ING analyst Wenyu Yao.

Marex Spectron's Alastair Munro said there had "been likely producer sell interest," where metal producers take advantage of spikes in prices to hedge, selling their output in advance.

Meanwhile, the Yangshan copper premium <SMM-CUYP-CN> is at its lowest since November at $54 a tonne, pointing to weakening demand for imports into China. The premium reflects the amount buyers are willing to pay on top of LME copper price for physical delivery.

But analysts said demand should be seasonally stronger in the second quarter.

SPREADS: The LME cash copper contract commands a $3.50 a tonne premium over the three-month contract compared with a high of $62.30 in February, when stocks were low. <MCU0-3>

POSITIONING: Investor interest in copper has waned, with the net long position in LME copper down to 22% of open interest from 62% at the end of February, broker Marex Spectron said.

CONCENTRATES: Chilean miner Antofagasta sold 10,000 tonnes of copper concentrate for June shipment at treatment and refining charges of about $10 a tonne and 1 cent a pound, three sources with knowledge of the deal said.

ZINC TREATMENT: Teck Resources and its smelter customers Glencore and Korea Zinc nearly halved treatment and refining charges (TC/RCs) in a deal for 2021 to $159 per tonne due to tight mine supply, Fastmarkets reported.

OTHER PRICES: Aluminium fell 0.4% to $2,258 tonne, zinc was steady at $2,826, lead rose 0.6% to $1,979.50, tin was up 0.3% at $25,750 while nickel edged down 0.7% to $16,625.

(Reporting by Zandi Shabalala in London Additional Reporting by Mai Nguyen Editing by David Evans and Matthew Lewis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TECK RESOURCES LIMITED -0.89% 24.6 Delayed Quote.7.45%
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Financials
Sales 2021 11 346 M 9 031 M 9 031 M
Net income 2021 1 385 M 1 103 M 1 103 M
Net Debt 2021 7 621 M 6 066 M 6 066 M
P/E ratio 2021 9,21x
Yield 2021 0,89%
Capitalization 13 249 M 10 550 M 10 546 M
EV / Sales 2021 1,84x
EV / Sales 2022 1,80x
Nbr of Employees 10 000
Free-Float 98,6%
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Technical analysis trends TECK RESOURCES LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 31,13 CAD
Last Close Price 24,82 CAD
Spread / Highest target 55,1%
Spread / Average Target 25,4%
Spread / Lowest Target -5,32%
EPS Revisions
Managers and Directors
NameTitle
Donald R. Lindsay President, Chief Executive Officer & Director
Jonathan Price Chief Financial Officer & Senior Vice President
Sheila A. Murray Chairman
Harry Milton Conger Chief Operating Officer & Executive Vice President
Mayank M. Ashar Independent Director
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