Base Metals Look Tarnished – FCX, SCCO, RIO, BHP

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.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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