Copper prices hit six-week high, six stocks under the spotlight

Summary

  • Copper prices are rallying amid robust demand and supply disruptions in China.
  • The prices of red metal are following an uptrend after China decided to release fewer metal reserves than expected.
  • Many ASX-listed related space players are capitalising on the copper rally.

Copper prices touched a six-week high on Monday, surpassing US$4.602 per pound on the COMEX market. The price rise was triggered by an anticipated increase in demand due to floods in China amid declining inventories.

There have been floods in many key locations in China including Zhengzhou in the Henan province, which is an industrial and transport hub.

The floods have reportedly caused more than US$10 billion in damage.

Must Read: Commodity Market at Multi-Year Highs, 10 Hot Stocks to look at

On that note, let's skim through six ASX-listed copper stocks that have given more than 250% return in the last 52-week period.

Caravel Minerals Limited:

Copper exploration and development company Caravel Minerals Limited (ASX:CVV) is advancing a large-scale copper resource in a world-class jurisdiction.

The company recently received high-grade mineralisation results from drilling at the Bindi Copper deposit, part of the Caravel copper project located in Western Australia's Wheatbelt region.

The copper deposits at the project are part of a regional porphyrystyle copper-molybdenum-gold mineralised belt, which was identified in a previously unexplored part of the Yilgarn Craton.

Aeris Resources Limited

Headquartered in Brisbane, Aeris Resources Limited (ASX:AIS) operates two wholly owned projects in NSW and Queensland. The diversified mining and exploration company intends to become a mid-tier mining company with a focus on gold and base metals.  

The company has achieved FY21 production and AISC guidance at its Cracow and Tritton operations.

AIS produced 22,987 tonnes of copper at an AISC of AU$3.70 per pound at the Tritton project. The company ended the quarter with a cash balance of AU$97 million.

Chalice Mining Limited

Chalice Mining Limited (ASX:CHN) is an ASX-listed multi-commodity producer. CHN is engaged in the exploration and production of nickel, copper, cobalt, gold, and platinum group metals at its Julimar project in Western Australia.

Last month, the company identified several extensive nickel-copper soil anomalies at the Julimar Complex.

Copper is extensively used in the green energy industry including renewables, energy storage and electric vehicles. The demand for this metal is expected to continue to increase.

Eagle Mountain Mining Limited

Eagle Mountain Mining Limited (ASX:EM2) is an ASX-listed copper and gold-focused exploration and development company. EM2 is engaged in the development of the Oracle Ridge Copper mine, located in Arizona, USA.

                     

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In its latest update, the company announced the arrival of a third diamond drill rig at its Oracle Ridge project, as part of the accelerated exploration program. The campaign is aimed at increasing the existing JORC mineral resource, drill testing prospective new targets in the vicinity of the mine and establishing resources in the measured category.

Copper Mountain Mining Corporation

Copper Mountain Mining Corporation (ASX: C6C) is an Australia-based company with flagship projects located in word-class mining jurisdictions. The company holds various copper projects in Australia and British Columbia.

C6C produced 29.6 million pounds of copper equivalent in June 2021 quarter, with a C1 cash cost of US$1.38/lb. The company has increased its copper production guidance range to 90-100 million pounds for 2021.

Venture Minerals Limited

Venture Minerals Limited (ASX: VMS) is an ASX-listed copper, iron ore, and tin-focused company, operating the Golden Grove, Caesar, Kulin, and South-West projects in Australia.

Venture’s JV partner Chalice has defined electromagnetic anomalies from early stages of a ground electromagnetic program in the South West nickel-copper-PGE project.

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