NEW YORK (TheStreet) -- Shares of Hecla Mining (HL) are higher by 3.02% to $3.24 on heavy volume in late afternoon trading on Wednesday, as some mining stocks jump along with the price of gold, which is getting a boost due to the slump in the dollar and disappointing economic data.
Gold for June delivery is up by 1.81% to $1,214 per ounce on the COMEX this afternoon.
So far today, 6.04 million shares of Hecla Mining have exchanged hands as compared to its average daily volume of 5.14 million shares.
The dollar is lower by 0.91%, according to the Wall Street Journal dollar index. The price of commodities dominated by the greenback tends to increase when the currency goes soft.
"The dollar's weakening has been instrumental to the latest move higher and of course the view that the Fed is less likely to raise interest rates next month after weak economic data," ActivTrades chief analyst Carlo Alberto de Casa told Reuters.
Separately, TheStreet Ratings team rates HECLA MINING CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate HECLA MINING CO (HL) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including relatively poor performance when compared with the S&P 500 during the past year and weak operating cash flow."