Leading the pack is, hands down, First Quantum: up 50%. It had pretty close company, however. Copper Mountain Mining, Imperial Metals, Lundin Mining, and Turquoise Hill all zoomed ahead between 30-40%. Not far behind with 20-30% gains were Sherritt, Capstone, Freeport, Hudbay, and Southern Copper. Thereafter came Antofagasta, Trevali, Taseko and Nevsun between 10% and 20%. Then in the single digits, were BHP Billiton, Rio Tinto and Vedanta. Among a selection of leading base metal resource developers – 19 of the larger cap juniors on the TSX or TSX-V – the impact was more muted but still positive (see chart below). There were three heavy losers during the period: Highland Copper (-33%), Pilot Gold (-32%) and Panoro (-25%). Continuing up the ladder, but still in negative territory, were Rathdowney (-9%), North American Nickel (-8%), NGEx (-2%). Drawing more or less even was Western Copper and Gold.

Eoin Treacy's view

Mining companies have been among the most unloved of any sector over the last few years as major declines in iron-ore and coal contributed to investor malaise while other sectors such as biotech took off. This forced them into major periods of consolidation where costs were cut, expansion cancelled and cashflow optimised. A number are now completing medium-term bases. 

Canadian listed Ivanhoe Mining is trading back above the 200-day MA for the first time since early 2013 and a sustained move below C$1 would be required to question potential for some additional upside. 

Lundin Mining popped above C$6 two weeks ago on better than expected earnings. A sustained move below the trend mean would be required to question medium-term scope for additional upside.

Sherritt International has failed to sustain moves above the MA on a number of occasions since 2011 and will need to hold the C2.70 area if potential for additional higher to lateral ranging is to be given the benefit of the doubt.