NEW YORK, NY--(Marketwire - Jun 8, 2012) - Copper stocks received a boost Wednesday as copper prices snapped a five-day slide as a result of a weaker dollar and the possibility of more monetary easing from the Federal Reserve. Copper for July delivery jumped 2.7 percent to $3.3790 pound on the New York Mercantile Exchange's Comex division. Five Star Equities examines the outlook for companies in the Copper Industry and provides equity research on Teck Resources Ltd. (NYSE: TCK) and Sterlite Industries India Ltd. (NYSE: SLT).
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The euro rose as the European Central Bank (ECB) left interest rates unchanged, which some economists expected to be cut to help with the European debt crisis. Mario Draghi, ECB President, stated that Europe's problems will not be solved by monetary stimulus alone, and it is up to the governments to find a solution.
Ben Bernanke will speak in front of Congress Thursday, and some investors are hoping that his comments will signal stimulus for the economy. "Many players are now looking to bet on more global monetary easing, which should help commodities as money floods the system and hard assets become more dear," traders at RBC Capital Markets said in a note to clients.
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Teck is a diversified resource company committed to responsible mining and mineral development with business units focused on copper, steelmaking coal, zinc and energy, and is also a significant producer of specialty metals such as germanium and indium. Teck owns, or has an interest in, 13 mines in Canada, the USA, Chile and Peru, as well as one metallurgical complex. The company is actively exploring for copper, zinc and gold in the Americas, Asia Pacific, Europe and Africa.
Sterlite Industries India Ltd. is India's largest diversified metals and mining company. The company produces aluminium, copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland. The company has a strong organic growth pipeline of projects.
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