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Copper prices are still trending downward, but a number of copper stocks were on the rise on the Toronto Stock Exchange on Tuesday.
Copper prices are still trending downward, having lost nearly 30 percent year-to-date to trade at $2.10 per pound.
However, that doesn’t mean there are no bright spots for copper and copper stocks. Spot copper prices are actually up about 1.77 percent over the past month, and a number of copper-focused companies managed to buck trends to see their share prices gain on the Toronto Stock Exchange on Tuesday.
Certainly, amid the barrage of gloomy outlooks for the resource sector, it’s refreshing to see a few companies get a bump upwards. Here’s a look at the companies that gained on Tuesday and what made their share prices rise.
1. Western Copper and Gold (TSX:WRN,NYSEMKT:WRN)
On Tuesday, Western Copper and Gold reported that its subsidiary, Casino Mining, has submitted a second supplementary information report for the Casino project in the Yukon, as required by the Yukon Environmental and Socio-economic Assessment Act. Western Copper also noted that it has voluntarily initiated a number of programs outside of the required process “to ensure continued and expanded technical and community input into the project.”
The company’s share price was up 17.91 percent on Tuesday and closed at $0.395. Trading volumes came in at 163,461, about twice the daily average for Western Copper.
2. Cardero Resource (TSX:CDU)
Cardero Resource’s share price was also on the rise on Tuesday, gaining 17.65 percent to finish at $0.10. In all, 102,350 shares traded hands, relative to a daily average of 18,649 for the company.
Despite being pegged for a TSX delisting review near the end of November, Cardero put out a strong maiden resource estimate for its Zonia copper deposit on December 3 and was able to maintain its listing. Results include a measured and indicated resource of 76.8 million short tons grading 0.33 percent copper containing 510 million pounds of copper, and an inferred resource of 27.2 million short tons grading 0.28 percent copper containing 154.6 million pounds of copper.
3. Imperial Metals (TSX:III)
Finally, Imperial Metals saw its share price rise nearly 10 percent on Tuesday to hit $5.68, with trading volumes coming in at over five times the daily average. At the end of last week, it was reported that Imperial Metals would not face charges related to the 2014 tailings dam breach at its Mount Polley mine in British Columbia.
A report by the province’s chief inspector of mines found no evidence of failure on the part of the company to comply with the Mines Act or other mines regulations. However, the inspector’s report did find several areas where improvements could be made in terms of governance and regulation to ensure that such flaws are not missed in the future.
A number of other copper companies were up on the TSX on Tuesday as well, including First Quantum Minerals (TSX:FM) (6.44 percent), Teck Resources (TSX:TCK.B,NYSE:TCK) (6.08 percent) and Hudbay Minerals (TSX:HBM,NYSE:HBM) (3.18 percent). Of course, it’s worth noting that the share prices of most of the companies on this list are still down at least 40 percent year-to-date.
Even so, it’s nice to see a bit of a silver lining in the resource sector to close out the year. For some investors, there could even be opportunity to watch for as the tax-loss selling period comes to a close, or in the form of a potential Santa Claus rally.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Western Copper and Gold is a client of the Investing News Network. This article is not paid for content.
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