One of the main reasons you see selling in the commodities sector is due to the market betting US Fed is beginning to Taper off some stimulus. This is bearish on all commodities. The US economy is recovering and therefore the markets are betting that it will withdraw stimulus aka: print less money. In the short term (next 2-3mo) this could result in greater losses on the Jr. commodities market.

However, keep an eye on Janet Yellen. She will be the new Fed President. She favors more stimulus, and Full Employment (despite what she might say to the Senate to get confirmed). Therefore, the commodities markets should start a new run once she is confirmed. Also keep in mind the US Fed is deeply worried about deflation (Japan style) therefore they do not have many options to reduce the money printing going forward. All advanced economies have the same worry, hence they keep rates low. Look at the EU they did the same again.

Effect on CUU

CUU could see more short term selling. However, the drill results will give Teck and EE a new baseline to start negotiations. If EE is willing to ride out the Commodities slump for the long term, then there will not be any deal soon. EE could bet that Teck will proceed with the project and start developing, while CUU rides along. This will not benefit Teck, as they would prefer a partner who actually puts money into the project.

But EE could see that if Teck finds decent results from drilling then he may make a deal sooner (even if its not at all-time high levels). Overall, at least the market for Major miners such as Teck is looking positive as it has diversified into oil and has ample cash on hand. Teck is the best partner a Jr. can have.