This morning, all of the leading base metal stocks have erased the early gains made at the open. Freeport McMoRan Copper & Gold Inc (NYSE:FCX) is the largest copper producer in the world. Today, this leading stock is trading lower by 0.48 cents to $34.04 a share. It is important to note that FCX stock traded as high as $34.90 a share at the start of the day. Short term traders should watch for intra-day support around the $33.90, and $33.40 levels.
Some other leading base and industrial metal stocks that are declining lower today include Southern Copper Corp (NYSE:SCCO), Rio Tinto plc (NYSE:RIO), and BHP Billiton Ltd (NYSE:BHP). All of these stocks continue to remain weak on the daily charts. Traders should remember that these stocks will usually trade inverse to the U.S. Dollar Index.