TMC the metals company (TMC) Rockets 19% Higher as Copper Hits Record High

TMC -6.39% HG=F +0.94% DX-Y.NYB -0.28% SI=F +1.48% GC=F +0.39%

We recently published 10 Stocks Racking Up Big Gains. TMC the metals company Inc. (NASDAQ:TMC) is one of the top performers of last week.

TMC the metals company rallied for a fourth straight day on Friday, soaring 19.38 percent to close at $6.96 apiece as investor sentiment was boosted by copper’s surge to a new record high.

On Friday, copper prices on the London Metal Exchange jumped to a new all-time high of $11,200 before paring gains to end the day just up by 2.28 percent at $11,189 per ton amid tighter supply and a weaker US dollar.

Copper rallied alongside its counterparts, namely silver and gold, as investors poured funds back in on renewed expectations of an interest rate cut.

Photo by Shane Cottle on Unsplash

The Federal Reserve is set to meet on December 9 and 10—the last Federal Open Market Committee meeting for the year—to announce its decision on interest rates.

In other news, TMC the metals company Inc. (NASDAQ:TMC) announced a dismal earnings performance in the third quarter of the year. During the period, the company widened its net loss and comprehensive loss by 800 percent to $189.39 million from $20.5 million in the same period last year.

Operating loss expanded by 177 percent to $55.36 million from $19.96 million year-on-year, dragged by non-cash and non-recurring items, including share-based compensation impacted by one-time grants, fair value changes in the royalty and warrant liabilities, and the recognition of warrant costs associated with updated sponsorship agreements.

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Disclosure: None. This article is originally published at Insider Monkey.