3 ASX copper stocks in focus as red metal rallies on China demand hopes

3 min read | June 03, 2022 02:54 PM AEST | By Ashish

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3 ASX copper stocks in focus as red metal rallies on China demand hopes — Image source: © Emiloprisa|Megapixl.com

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Highlights

Copper prices have risen on the back of China easing its zero-COVID-19 strategy.

Shanghai copper prices rose on Thursday, buoyed by hopes of demand recovery.

According to experts, copper prices are expected to inch higher going ahead.

Copper prices are witnessing a rise as China continues to ease its zero-COVID-19 strategy. The Chinese government has announced a much-needed stimulus package to revive the economy as the two-month long pandemic lockdown ended on Monday. As a result, Shanghai copper prices rose on Thursday, buoyed by hopes of demand recovery, although a stronger US dollar limited the upside.

On Thursday, the most-traded July copper contract in Shanghai ended trading up 0.7% at 72,130 yuan ($10,803.56) a tonne, as of 0718 GMT. The London Metal Exchange (LME) was shut for a public holiday.

According to experts, copper prices are expected to inch higher going ahead, bolstered by several upcoming large mine projects in Chile and Serbia.

On this note, let’s see how these three ASX-listed copper shares are performing today:

Anax Metals Ltd (ASX:ANX)

Anax Metals conducts exploration across three continents with its focus on South Korea (Xantippe Resources Ltd), West Africa (Predictive Discovery Ltd) and Western Australia (WA). The company’s current focus is on its flagship project, Whim Creek.

By 11:10 AM (AEST), ANX shares were trading 5.26% higher at AU$0.10.

On Thursday, the company revealed “outstanding” assay results from recent drilling at the Evelyn deposit within its Whim Creek project in WA’s West Pilbara region. Anax struck massive copper and zinc sulphides at Evelyn deposit.

Superior Resources Ltd (ASX:SPQ)

Superior Resources is a Brisbane-based explorer focused on copper-lead-zinc and gold discovery. It produces most of its copper-lead-zinc-gold and silver from Mount Isa, Cannington, Century, and Ernest Henry.

By 11:10 AM (AEST), SPQ shares were trading at AU$0.042, up 2.33%.

Shares of this copper explorer rose following the release of assay results from the Greenvale project. The results confirm extensive strong copper mineralisation in the BTDD004 drill hole.

Copper Mountain Mining Corporation CDI (ASX:C6C)

Copper Mountain Mining Corporation is a mid-tier copper-gold producing company.

By 11:10 AM (AEST), C6C shares were trading 8.25% higher at AU$3.15.

Copper Mountain Mining reported CA$136.8 million (AU$150.8 million) in quarterly revenue and CA$578.2 million (AU$637.42 million) for the full year 2021. Both these figures were higher than those of the prior corresponding periods.

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