TECK QUARTERLY PROFIT BOOSTED BY COPPER BUSINESS

Teck Resources on Thursday reported a better-than-expected quarterly profit, powered by a buoyant copper business on higher prices of the metal. Average realized price for copper jumped about 26 per cent to us$3.42 per pound, while sales stood at 80,000 tonnes compared with 75,000 tonnes a year earlier. Gross profit at the business nearly tripled to $368 million in the fourth quarter. Copper sales for 2021 are expected at 275,000 tonnes to 290,000 tonnes, compared with 277,000 tonnes a year earlier, the Vancouver-based company said. The company, however, reported lower profit in its crucial steelmaking coal business, which has been pressured by the pandemic-induced fallout. Average realized prices for the commodity were down over 18 per cent in the fourth quarter, Teck said.