Investors keep winding up the commodity trade in 2022 with several ASX mining shares surging more than 20% during Australian market hours on Monday.
Despite the S&P/ASX 300 Metals & Mining Index (ASX: XMM) sliding more than 109 basis points today, these three ASX miners outpaced the rest of the pack.
Culpeo Minerals Ltd (ASX: CPO)
Shares in Culpeo Minerals exploded into the green on Monday, clipping a gain of more than 193% to finish the day. Investors bid up the miner’s share price after a company announcement on its Lana Corina Copper Project.
Culpeo advised it has intersected a record 173 metres at 1.05% copper and 50 parts per million of molybdenum. Results also confirmed the mineralisation continues at depth.
“The intersection of 173 metres of copper mineralisation at a grade of 1.05% is the highest-grade intercept to date from the ongoing drilling program,” CEO Max Tuesley said.
Copper has spiked back north in recent weeks and is now more than 5% higher on the month at US$4.41/lbs.
Firetail Resources Ltd (ASX: FTL)
The Firetail share price spiked more than 21% higher on Monday and closed the session at 36.5 cents. Despite no market-sensitive news for the company, investors bid up its share price at pace today.
The price of copper has raced higher in recent weeks as well, helping to drive shareholder returns for the company. Meanwhile, the gold price has stabilised at US$1,855 per troy ounce, after incurring heavy losses in recent weeks.
After making its debut in April, Firetail has traded off its IPO price and slipped 6% into the red this past month of trade.
However, investors appears to be buyers at these price levels, with today’s gain occurring on a trading volume more than three times the four-week average.
Encounter Resources Ltd (ASX: ENR)
Shares in Encounter Resources were also net winners today, securing a 29% lift at the closing bell.
Despite trading down in recent weeks, investors rallied the Encounter Resources share price after an update at its Sandover project in the Northern Territory.
The company said on Friday:
Additional surface sampling and field reconnaissance completed at Sandover in April 2022 confirmed further areas of surface copper oxide mineralisation.
The potential for lithium and other critical metals will be investigated in conjunction with copper exploration activities [at the site].
News of the update have sent Encounter shares well into the green with investors still looking to capture gains as part of the wider commodity and energy trade.
In the last 12 months, the company has secured a 14% gain after spiking more than 16% this year to date.