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Teck Resources Limited Message Board

  • twm48976 twm48976 Feb 7, 2013 1:24 PM Flag

    COMDEX trader on Briefing going long TCK

    07-Feb-13 11:58 ET


    Commodities Trader: TCK Long Position Idea (34.75 -2.10) -Update

    I'm taking a long position in coal play Teck Resources (TCK), which is about 2 pts lower currently. I was watching TCK recently and wanted to sit on the sidelines heading into its earnings results. Earnings were nor comparable, but the co beat on the top line. Reports adj $0.61 and may not comp to $0.49 CIQ est; revs of $2.73 bln vs $2.55 bln CIQ est. Copper production in Q4 of 37,400 tonnes was 37% higher than a year ago primarily as a result of significantly higher grades. Silver: Record silver production in the quarter was due to the treatment of additional silver-bearing concentrate and an increased silver refining capacity. Zinc production, however, in Q4 was affected by poor operating performance in the zinc electrolytic cell house which resulted in a temporary build-up of in-process inventory.

    The main reason I'm interested in jumping in here is due to TCK's met coal exposure. In the quarter, the issue was in pricing. However, strong metallurgical coal imports to China keep seaborne trade interesting and attractive. Teck Resources is the world's second-largest exporter of seaborne coal that is used in steelmaking. And TCK is boosting production in British Columbia because it is forecasting improved demand in Asia's steelmakers. Before today's pullback, which caused TCK to fall through its 50-day moving avg on a daily chart, the stock marching rather steadily higher from late September.

    Sentiment: Strong Buy

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