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Summary
- Copper futures are up 0.40% month-to-date.
- Customs data shows increase in China's import of copper to 4.7%
- Stocks of Ero Copper has risen 13% in the last one month.
Copper prices are soaring. The commodity hit a 9.5 year high in February 2021. Copper futures are up over 16 per cent this year and closed at US$ 4.1390 on Thursday.
However, the rise has been muted due to tightening of policies by China, the top consumer of the metal.
The chairman of Chinese metals trader Maike Group, Mr He Jinbi, has claimed that copper prices will hit an all-time high in the next one year*.
In light of the above development, let us check out two rising Canadian copper stocks:
Marimaca Copper Corp. (TSX:MARI)
Marimaca Copper operates a copper project in Chile's Antofagasta Region.
The stock has yielded 33 per cent and 222 per cent in the last three months and one year respectively. The company's market cap is ~C$340 million.
The stock has a positive return on equity of 4.04 per cent.
According to company's official, MRE (mineral resource estimate) data its wholly own project contains 70 million tons with an average grade of 0.6% copper.
Its net income stood at US$ 4.9 million for the nine-month period, ending September 30, 2020, as opposed to a net loss of US$11 million.
(Source: Pixabay)
Ero Copper Corp. (TSX:ERO)
As a base metals mining company, Ero Copper, mainly focuses on mining and extraction of copper, gold and silver from its Vale do Curaca Property in Brazil.
The stock price has increased by 157 and 36 per cent in the last one year and three months, respectively.
According to company's Q3 declaration, it suffered no disruption in its production and associated operations as a result of COVID-19 related fall-out.
The total copper YTD production for the period, ending September 2020, was more than 1.78 million tonnes with 2.03 per centage grading. After metallurgical recoveries 32,796 tonnes of copper were produced.
The company’s net income was US$31.4 million in Q3 2020, a significant rise than that of Q3 2019 of US 16.3 million.
Bottomline
Earlier on Tuesday, head of China's base metal body warned about price fluctuations in base metals like copper, nickel, aluminum etc, on account of speculative trading.
Chairman of Maike Group He Jinbi added that China's drive for clean energy will be a strong driver for an upward movement of copper price in the next one-year period*.
*With Reuters Input
