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UPDATE: After Hitting $16.24 A Share Yesterday, Quadra Now Trading At $15.70

Quadra FNX (QUX.TO) is trading at $15.70 today, 10 cents lower than its previous close. More than 2 million shares have changed hands so far.

The shares touched a high of $15.83 this morning.

Polish miner KGHM has made a C$3 billion bid for Quadra FNX, but this offer has been widely described as low-ball.It is believed the Polish bid could instigate a full-blown bidding war for the Canadian miner.

QUX shares hit a year high of $17.55 on Jan 17.

Quadra FNX controls one of the world's largest undeveloped copper projects and while copper prices have pulled back recently, analysts largely believe a dearth in large-scale copper assets bodes well for the price of the metal.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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