This morning all of the major stock indexes are rallying sharply higher. The market is being lead higher by most commodities. Energy stocks, and the industrial metals are surging higher this morning. Copper is leading most of the industrial metals higher as the iPath Dow Jones-UBS Copper Subindex Total Return ETN (NYSE:JJC) is trading higher by 1.32 percent. This is a new 52 week high for JJC as it is now trading above the January 3, 2011 top.
Freeport McMoRan Copper & Gold Inc. (NYSE:FCX) is considered the leading copper stock in the industry group. This stock is trading higher by $4.10 to 112.82. Recently FCX stock has come under pressure and is still well below it’s $122.69 high that was made on January 12, 2011. The stock will have daily chart resistance around the $116.00 level.
Southern Copper Corp. (NYSE:SCCO) is another leading copper stock that is trading higher by 3.50 percent today. On January 3, 2011 Southern Copper Corp. stock traded as high as $50.35 a share. The stock looks to have made a short term low on January 25, 2011 at $42.72 a share. SCCO stock will have daily chart resistance around the $47.70 level.