Copper stocks are the shares of companies that engage in the mining, refining, or production of copper. To start, copper is a metal widely used in various industries. This includes industries such as construction, transportation, and electronics. Generally copper is a leading indicator of the global economy due to its broad range of applications.
What’s more, copper stocks can be a good investment opportunity for those looking to gain exposure to the copper market. Copper prices tend to be highly correlated with economic growth. This is because increased industrial activity and infrastructure spending typically drive demand for the metal. As such, copper stocks can be a good way to gain exposure to the performance of the global economy.
However, investing in copper stocks also carries some risks. Copper prices are subject to fluctuations due to supply and demand factors, as well as changes in the global economy. Additionally, copper mining and production can be a capital-intensive and risky business, and the performance of individual copper companies can vary widely. Considering this, if you’re still keen on investing in the copper sector, here are two copper stocks to check out in the stock market right now.
Copper Stocks To Buy [Or Sell] Right Now
- Rio Tinto Plc (NYSE: RIO)
- Teck Resources Limited (NYSE: TECK)
Rio Tinto (RIO Stock)
First, Rio Tinto plc (RIO) is a British-Australian multinational mining company. In brief, it is one of the world’s largest, with a diverse portfolio of mining assets including copper, aluminum, iron ore, and diamonds. The company operates in more than 35 countries and is a major producer of copper.
On Monday of this week, Rio Tinto reported its fourth-quarter production results. In detail, the company announced its copper production rose 6% YoY, mainly due to higher grades at Kennecott and Escondida. But partly offset by lower grades at Oyu Tolgoi. Unplanned maintenance at Kennecott in Q4 led to extended downtime and poor anode production, likely to impact cathode production in Q1 2023. The company also noted that refined copper production at Kennecott will remain challenging until a major rebuild in Q2 2023.
So far in January, shares of RIO stock have increased by 7.51%. While, as of Wednesday’s closing bell, RIO stock closed the trading day slightly higher by 0.57% at $76.40 a share.
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Teck Resources (TECK Stock)
Next, Teck Resources (TECK) is a Canadian mining company. For starters, the company produces a wide range of resources including copper, zinc, and metallurgical coal. The company operates mines and metallurgical facilities across America, Canada and Chile.
Today, the company reported it has made the list of the 2023 Global 100 Most Sustainable Corporations. This is the fifth consecutive year Teck Resources has made this list. The Global 100 companies are chosen based on sustainability metrics such as water, energy, and GHG productivity, safety performance, and board and executive diversity.
Furthermore, Jonathan Price stated, “Teck is committed to providing the essential resources needed for a decarbonizing and growing world. Metals such as copper are essential in everything from renewable power to electric vehicles, and our goal is to supply critical minerals in a socially and environmentally responsible way.”
Since the start of the year, TECK stock has continued to bounce by 12.27% YTD. Meanwhile, as of the end of the day on Tuesday, shares of TECK stock closed higher by 0.61% at $41.09 a share.
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