NEW YORK, NY / ACCESSWIRE / February 17, 2017 / Mining stocks pulled back Thursday as the prices of industrial metals fell, despite a rise in gold prices. Copper prices have continued to slide since Tuesday as a strengthening U.S. dollar and signs of a strengthening U.S. economy have put some downward pressure on prices. On Thursday, three-month copper prices on the London Metal Exchange fell 0.40 percent to $6,028.50 a metric ton, just days after hitting a 20-month high of $6,200 a metric ton. Prices for the metal are still up roughly 9 percent in 2017. Copper traders have a reason for optimism on the account of news of a supply side shortage due to production stoppage at BHP's Escondida plant in Chile and Freeport-McMoran's ongoing problems with Indonesian authorities.

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"Copper has looked vulnerable a few times this week on the way down but dips have held and the uptrend is still broadly intact for now," wrote Brokerage firm Marex Spectron, according to MarketWatch. "The recent speculative longs need to see it revisit $6,200 sooner rather than later."

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Teck Resources' shares dropped 5.57 percent to close at $21.19 a share on Thursday. The stock traded between $20.68 and $22.48 on volume of 12.55 million shares traded. The company reported profit attributable to shareholders was C$697 million, or C$1.21 per share, in the fourth quarter of 2016, which fell short of average analysts' estimates of C$1.43 per share, according to Zacks Investment Research. The company's reported adjusted profit for the fourth quarter of 2016 was C$1.61 a share, better than consensus estimate of C$1.56 according to Thomson Reuters.

The company has reached agreements with the majority of their steelmaking coal customers for the first quarter of 2017, based on a quarterly benchmark of USD 285 per ton. The benchmark was set in early December and spot prices for coal have since dropped to roughly USD 155 per ton, roughly 45 percent below the first quarter benchmark price.

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Freeport-McMoRan shares declined 1.95 percent to close at $15.07 a share on Thursday. The stock traded between $15.01 and $15.44 on volume 24.70 million shares traded. On Tuesday, Freeport Indonesia spokesman Riza Pratama stated that the company's Grasberg mine in Papua province has stopped production of copper concentrate as it has yet to receive approval from Indonesian authorities for the export of its copper concentrates. Freeport-McMoRan will resume production at the Grasberg mine at reduced pace in March if a license has still not been granted.

"If this prolongs...we will cut operations to just 40% to accommodate smelting [capacity]," Mr. Pratama said.

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Today's Features Includes:

Teck Resources Ltd. (NYSE: TECK)

Freeport-McMoRan Inc. (NYSE: FCX)

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