Copper prices set Teck profit on fire — up 247% in Q1

Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada’s largest diversified miner, became one of the latest mining companies to see its profit swell thanks copper prices being pushed to all-time highs by vaccine rollouts and climate pledges.

The Vancouver-based miner reported a 246.8% jump in first-quarter adjusted profit on Wednesday of C$326 million ($262.88 million) or 61 Canadian cents per share. That compares to a net income of C$94 million, or 17 Canadian cents per share, a year earlier.

Copper prices have more than doubled from its covid-lows, and are about to pass the 10,000 a tonne mark, fuelled by a widely-held belief that demand for the metal will skyrocket in the short and medium term. Post-pandemic economic stimulus and a worldwide push for decarbonization, in which copper plays a key role, have contributed to the gains.