Copper Stocks Fall as Prices Slide the Most in Two Weeks The Paragon Report Provides Stock Research on Southern Copper and Teck Resources
The Paragon Report Provides Stock Research on Southern Copper and Teck Resources
NEW YORK, NY -- (Marketwire) -- 07/10/12 -- Copper prices slumped the most in two weeks last Friday on weak U.S. employment numbers and as China unexpectedly issued a rate cut. China's interest rate cut came as a surprise to many, and raised concerns that their economy was growing at a slower pace than reported. China is currently the top copper consumer accounting for approximately 40 percent of the world's demand. The Paragon Report examines investing opportunities in the Copper Industry and provides equity research on Southern Copper Corp. (NYSE: SCCO) and Teck Resources Ltd. (NYSE: TCK).
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"Copper fell mainly due to the dollar, which appreciated quite significantly against the euro after the ECB decision, which put severe pressure on commodities," Daniel Briesemann, an analyst at Commerzbank, said.
"Also the rate cut in China raised concerns that a string of economic data that will be published next week might be significantly weaker than previously expected. One could argue that China's central bank knows something that people don't and bad data would raise more fears of a hard landing in China," Briesemann added.
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Southern Copper Corp. is one of the largest integrated copper producers in the world. They produce copper, molybdenum, zinc, lead, coal and silver. All of their mining, smelting and refining facilities are located in Peru and Mexico. The company reported first quarter 2012 copper mine production increased by 23 percent, compared to first quarter 2011.
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. The company achieved record first quarter revenues and gross profits of $2.5 billion and $918 million, respectively, in the first quarter of 2012.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at: http://www.paragonreport.com/disclaimer
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