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Teck Resources (TCK) Stock Higher As Zinc, Copper Prices Jump on Glencore Cuts

NEW YORK (TheStreet) -- Teck Resources (TCK - Get Report) stock is rising by 2.46% to $7.49 in early afternoon trading on Friday, as zinc and copper prices climb after commodities giant Glencore (GLNCY) announced it will cut zinc production.

Teck Resources, based in Vancouver, is engaged in the business of exploring, acquiring, developing and producing natural resources, with a focus on steelmaking coal, copper, zinc and energy.

Earlier today, Glencore unexpectedly announced that it will lower its global zinc production by roughly a third, or 500,000 tons, in a cut equaling about 4% of the world's total annual supply of the metal, according to the Wall Street Journal.

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Zinc and copper prices gained following Glencore's announcement. Zinc prices hit a three-week high, with futures for delivery in three months recently trading up 11% to $1,842 per ton on the London Metal Exchange, the Journal reports. Copper for December delivery is up by 2.86% to $2.41 per pound on the...