Why is this ASX mining share surging 15% today

Copper Mountain is on top of the world today.

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Key points

  • This ASX mining share is soaring nearly 15% today 
  • Despite this, the company's share price has lost 40% in a year 
  • The company's overseas listings also surged alongside a rise in copper prices

The Copper Mountain Mining Corp (ASX: C6C) share price is soaring today.

The explorer’s share price has jumped almost 15% to $2.97 at the time of writing. In contrast, the S&P/ASX 200 Index (ASX: XJO) is up 1.01% today.

With no price-sensitive news released by the ASX mining share today, let’s take a look at what has been happening to this company lately.

Copper prices lift overseas

Copper prices bounced in overseas markets on Tuesday amid the hope China could soon end its stringent COVID-19 lockdowns. According to mining.com, copper prices hit $4.28 per pound at one point on the Comex market in New York.

Commerzbank analyst Daniel Briesemann said:

Shanghai is coming out of lockdown gradually and that is giving rise to demand hopes for cyclical commodities in particular.

Copper Mountain shares followed in the footsteps of overseas listings. The company’s share price soared 18.08% on the Frankfurt Stock Exchange yesterday and 17.9% on the Toronto Stock Exchange.

What else might be impacting the ASX mining share price?

The company’s flagship project is the Copper Mountain Mine in Southern British Columbia. Copper Mountain also owns the Eva Copper Project in Queensland.

Last week, the company hosed down media speculation the company was planning to sell the Eva Copper Project. In a statement released to the market, Copper Mountain said:

The company’s policy is not to comment on market speculation. The company notes that it regularly reviews strategic opportunities to enhance shareholder value, and that there are no pending transactions with respect to the Eva Copper Project of any nature to note at this time.

Share price snapshot

The Copper Mountain share price has lost nearly 40% over the past 12 months and is down 18% in the year to date.

While the company’s shares have lost nearly 22% in the past month, they are currently enjoying a reversal of fortune, trading 6% higher over the past week.

In comparison, the benchmark ASX 200 index has climbed 1% in a year.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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