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By Tim Seymour

Teck Resources (TCK) is one of the great emerging-market mining plays with mining assets focused in copper, zinc, and coal. According to its first fiscal year accounting, 54% of Teck's revenue comes from Asia, 18% from the U.S., and the rest from Latin America, Canada, and Africa.

Guidance was not great on coking coal prices, and the market is concerned that outside of China it is not seeing real demand in alternative markets. Coking coal demand will remain subdued in the first quarter; fourth-quarter prices were $159/ton. Demand in China these days is seen as artificial until proven otherwise.

It seems as if a real recovery in coking coal prices is what the market is waiting on to rally before taking not only Teck, but also other miners higher.

Source: Teck Tops Estimates As China-Bound Coal Shipments Increase