Copper continues to attract a lot of attention from investors in commodity stocks. That’s because the metal has more than doubled in price, from a low of $1.25 U.S. in December 2008 to around $3.03 U.S. today.

Traditionally, investors have bought copper as a way to profit from general economic growth. That’s because, unlike gold or silver, copper has a wide range of industrial uses. For example, it’s a key element in electrical wire and pipe.

Higher copper will brighten this commodity stock’s prospects

What’s different about copper’s recent gains is that the metal began to rise before stock markets rebounded. What’s more, the size of the gain indicates that some investors may be investing in copper in much the same way they invest in precious metals. That is, they could be looking to copper as a hedge against currency fluctuations, say, or inflation.

Regardless, rising copper should benefit Teck Resources Ltd. (Toronto symbol TCK.B). Teck has moved up 494.9% for us since we recommended it in our Successful Investor newsletter earlier this year.

Teck: Much more than a copper producer

Apart from copper, Teck produces a wide range of other minerals, such as metallurgical coal (which is used in steelmaking), zinc, gold and molybdenum. It also holds interests in a number of western Canadian oil-sands projects. Still, copper accounts for over one quarter of the commodity stock’s operating profits and revenue.

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All of this commodity stock’s mines and projects are in stable countries. This, along with the wide range of metals it produces, helps cut its risk.

Last summer, Teck made headlines when it sold 101.3 million class B subordinate voting shares (or a 13.9% stake) to China Investment Corp., a sovereign wealth fund controlled by the Chinese government.

The sale raised $1.7 billion for Teck, and helped alleviate concern about the debt the company took on to buy Fording Canadian Coal Trust last year.

Rising copper is certainly a plus for Teck, particularly if it signals a continued economic recovery. We’ll continue to monitor this commodity stock’s progress, and update our buy/sell/hold advice as necessary, in our Successful Investor newsletters and weekly hotlines. Click here to learn how you can get one month free when you subscribe today.