copper prices

Candente Copper, $0.32, symbol DNT on Toronto (Shares outstanding: 121.9 million; Market cap: $39.0 million; www.candentecopper.com), is developing the Canariaco Norte copper/gold/silver project in northern Peru. The deposit holds as much as 8.9 billion pounds of copper, 2 million ounces of gold and 53 million ounces of silver. Candente handed out shares of Cobriza Metals (Toronto symbol CZA) to its shareholders in October 2011. Cobriza holds all of Candente’s properties in Peru except for Canariaco Norte. The company holds cash of $14.4 million U.S. That’s enough to complete its feasibility study on the financial viability of a mine. Candente expects to complete this study in mid-2013. If it decides to go ahead, it will need to find a major partner because it will cost over $1.6 billion to develop a mine at the site....

TECK RESOURCES LTD. $34 (Toronto symbol TCK.B; Conservative Growth Portfolio, Resources sector; Shares outstanding: 586.0 million; Market cap: $19.9 billion; Price-to-sales ratio: 1.8; Dividend yield: 2.6%; TSINetwork Rating: Average; www.teck.com) produced 6.3 million tonnes of metallurgical coal in the third quarter of 2012, up 6.2% from 6.0 million tonnes a year earlier. Copper production jumped 28.6%, to 99,000 tonnes from 77,000, thanks to Teck’s recent expansion projects. However, slowing growth in China and India cut coal prices by 32.5% from a year earlier. Copper prices fell 14.0%. That’s why Teck’s earnings declined 53.0% in the quarter, to $349 million or $0.60 a share. A year earlier, it earned $742 million, or $1.26. Cash flow per share fell 42.7%, to $1.26 from $2.20. Revenue declined 25.9%, to $2.5 billion from $3.4 billion. The company will probably lower its production in response to the weaker demand. It also aims to cut $200 million from its annual costs, mainly by making its rail shipments more efficient....

ALIMENTATION COUCHE-TARD, $49.07, symbol ATD.B on Toronto, reported sharply higher sales and earnings in its latest quarter. The company is the largest convenience store operator in Canada, with over 2,000 outlets. It also has nearly 3,700 U.S. stores. The Canadian stores operate under the Couche-Tard and Mac’s banners, while the U.S. stores mainly use the Circle K brand. In the three months ended October 14, 2012, Couche-Tard’s sales jumped 80.8% to $9.3 billion from $5.2 billion a year earlier. The gain mostly came from Norway’s Statoil Fuel & Retail ASA, which Couche-Tard bought for $2.7 billion in June 2012 (all figures except share price in U.S. dollars). The company also benefited from higher fuel prices and merchandise sales. Couche-Tard gets about 30% of its sales by selling merchandise....

AMERIGO RESOURCES, $0.59, symbol ARG on Toronto, jumped over 11% this week after the company reported higher copper production in the latest quarter. The company processes copper and molybdenum from the waste rock from Chile’s El Teniente, the world’s largest copper mine. This contract runs through 2021. Amerigo has a further agreement to process material from the nearby Colihues tailings pond. Amerigo gets 94% of its revenue by processing copper. The remaining 6% comes from molybdenum....

GLOBAL X COPPER MINERS ETF $11.31 (New York symbol COPX; buy or sell through brokers; www.globalxfunds.com) tracks the Solactive Global Copper Miners Index, which includes between 20 and 40 international companies that mine, refine or explore for copper. Germany-based Structured Solutions AG created this index.

Canadian companies make up 38.1% of the fund’s holdings. It also includes companies based in the U.S. (11.2%), Australia (8.8%) and Mexico (5.7%), Global X Copper Miners ETF’s MER is 0.65%.

Its top 10 holdings are Southern Copper Corporation at 5.9%, Lundin Mining, 5.8%; KGHM Polska Miedz, 5.7%, Antofagasta plc, 5.6%; Grupo Mexico, 5.6%; Freeport Copper, 5.5%; Jiangxi Copper Company, 5.2%; First Quantum Minerals, 5.2%; Xstrata, 4.8%; and Capstone Mining, 4.7%.

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GLOBAL X COPPER MINERS ETF $11.31 (New York symbol COPX; buy or sell through brokers; www.globalxfunds.com) tracks the Solactive Global Copper Miners Index, which includes between 20 and 40 international companies that mine, refine or explore for copper. Germany-based Structured Solutions AG created this index. Canadian companies make up 38.1% of the fund’s holdings. It also includes companies based in the U.S. (11.2%), Australia (8.8%) and Mexico (5.7%), Global X Copper Miners ETF’s MER is 0.65%. Its top 10 holdings are Southern Copper Corporation at 5.9%, Lundin Mining, 5.8%; KGHM Polska Miedz, 5.7%, Antofagasta plc, 5.6%; Grupo Mexico, 5.6%; Freeport Copper, 5.5%; Jiangxi Copper Company, 5.2%; First Quantum Minerals, 5.2%; Xstrata, 4.8%; and Capstone Mining, 4.7%....

TECK RESOURCES LTD. $29 (Toronto symbol TCK.B; Conservative Growth Portfolio, Resources sector; Shares outstanding: 586.0 million; Market cap: $17.0 billion; Priceto- sales ratio: 1.4; Dividend yield: 2.8%; TSINetwork Rating: Average; www.teck.com) is selling more metallurgical coal and copper thanks to recent expansion projects.

Coal sales in the three months ended June 30, 2012 rose 19.6%, to 6.7 million tonnes from 5.6 million a year earlier. Copper sales rose 10.4%, to 85,000 tonnes from 77,000 tonnes.

However, slowing growth in China and India cut coal prices by 25.7% from a year earlier. Copper prices fell 13.8%.

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TECK RESOURCES LTD. $29 (Toronto symbol TCK.B; Conservative Growth Portfolio, Resources sector; Shares outstanding: 586.0 million; Market cap: $17.0 billion; Priceto- sales ratio: 1.4; Dividend yield: 2.8%; TSINetwork Rating: Average; www.teck.com) is selling more metallurgical coal and copper thanks to recent expansion projects. Coal sales in the three months ended June 30, 2012 rose 19.6%, to 6.7 million tonnes from 5.6 million a year earlier. Copper sales rose 10.4%, to 85,000 tonnes from 77,000 tonnes. However, slowing growth in China and India cut coal prices by 25.7% from a year earlier. Copper prices fell 13.8%....

AASTRA TECHNOLOGIES, $16.56, symbol AAH on Toronto, develops and markets products and systems for accessing communication networks, including the Internet. Its technology is centred around business telephone systems and includes products that integrate land lines and mobile phones. In the three months ended June 30, 2012, the company’s sales fell 15.5%, to $147.1 million from $174.1 million a year earlier. Sales declined in all regions, including Western Europe, where Aastra gets the majority of its revenue. The lower sales caused the company’s earnings to fall sharply, to $1.9 million, or $0.15 a share, from $6.1 million, or $0.43 a share. Cash flow per share fell 43.8%, to $0.45 from $0.80....

GLOBAL X COPPER MINERS ETF $13.56 (New York symbol COPX; buy or sell through brokers; www.globalxfunds.com) tracks the Solactive Global Copper Miners Index, which includes between 20 and 40 international companies that mine, refine or explore for copper. Germany-based Structured Solutions AG created this index.

Canadian companies make up 38.1% of the fund’s holdings. It also includes companies based in the U.S. (10.7%), Australia (6.9%) and Mexico (6.2%), Global X Copper Miners ETF’s MER is 0.65%.

Its top 10 holdings are Lundin Mining Corporation at 6.8%; Xstrata plc, 6.1%; Grupo Mexico, 6.1%; Southern Copper Corporation, 5.9%, Antofagasta plc, 5.4%; First Quantum Minerals, 5.2%, Jiangxi Copper Company, 5.2%; Vedanta Resources, 5.2%; HudBay Minerals, 5.2%; and Freeport Copper, 5.1%.

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