Teck Resources is the IBD Stock Of The Day after crushing earnings estimates on record copper sales and strong commodity prices.

On Friday, the copper stock flashed a bullish signal near a buy point at highs.

Copper demand is anticipated to rise sharply, driven by electric vehicles, artificial intelligence (AI) data centers and power grids. Teck is making a shift to an "energy transition" metals pure-play given this bullish backdrop. Some people call copper the new gold or next gold.

Last September, Canadian miner Teck Resources and London-listed Anglo American agreed to a merger of equals. Their combination would be the biggest mining M&A deal in more than a decade.

Copper Stocks Eye Buy Points

U.S.-listed shares of Teck Resources fell almost 1% in Friday's stock market action. The copper stock still managed to notch a 1.3% weekly gain. That put it below a 62.41 buy point from a cup base, according to MarketSurge charts.

Teck stock briefly broke out to a fresh high on Thursday, but closed below the entry.

The relative strength line is also hitting a high as the copper mining stock tries to break out. A blue dot at the end of the RS line on a weekly MarketSurge chart marks that bullish signal. A rising RS line, the blue line in the chart provided here, shows a stock is outperforming the S&P 500 index.

Teck stock joined the IBD Leaderboard at a half position on Thursday.

A 91 RS Rating means that shares outpaced 91% of all stocks in IBD's database over the past year.

In a busy earnings week for mining stocks, Southern Copper and Rio Tinto traded below buy points on Friday ahead of Southern Copper's expected report. Anglo American is likely to report next week, with shares also near a buy point. Rio Tinto next reports in July.

Freeport-McMoRan plunged below the 50-day line on lower guidance.

Several mining stocks currently earn a spot on both Leaderboard and the IBD 50 list of top growth stocks.

Teck Resources Earnings Crush Views, Sales Accelerate

The IBD Stock Checkup tool shows that TECK stock holds a superior Composite Rating of 94 out of 99. IBD's Composite Rating rolls various fundamental and technical metrics into one easy-to-use score.

On Wednesday, Teck Resources delivered first-quarter earnings of $1.28 per share, nearly tripling from the prior year and smashing estimates for 43 cents. Revenue surged 75% year over year and accelerated from a 14% gain the previous quarter.

The copper and zinc producer lapped easy year-ago comparisons. But Teck Resources management also tied strong results to "record quarterly copper sales, strong commodity prices, and disciplined execution."

The company maintained 2026 production guidance.

A slew of analysts hiked price targets on the copper stock after Q1 results, FactSet shows.

Copper Prices Jump, Demand Outlook Strong

Copper prices surged to records in January. Teck said the price of copper jumped 38% during Q1 and the price of zinc rose 14%.

The drivers included mine disruptions and a rise in U.S. copper inventories due to tariff uncertainty. They also got a boost from the global trends surrounding electrification and artificial intelligence.

Despite strong demand outlook, the supply of copper faces challenges. By 2035, the industrial metal may see a 30% supply deficit, according to the International Energy Agency.

YOU MAY ALSO LIKE:

Find The Next Palantir Or Hot IPO Stock With This Tool

Identify Bases And Buy Points With MarketSurge

Join IBD Live And Learn Top Chart Reading And Trading Techniques From Pros

Market At Highs; Five Titans Lead Earnings Wave