Base Metal Stocks Remain In The Basement
This morning, many of the leading base and industrial metal stocks are retreating again. This important industry group has been very weak in 2013. One of the leading stocks in the sector is Teck Resources Ltd (NYSE:TCK). This stock is now trading down to its September 2012 lows. Today, TCK stock is trading lower by 0.24 cents to $28.05 a share. Short term traders should watch for intra-day support around the $27.85, and $27.30 levels. The daily chart trend remains down at this time with TCK stock trading below the important 50 and 200-day moving averages.
Some other leading base and industrial metal stocks that are declining on the trading session include Rio Tinto plc (ADR) (NYSE:RIO), BHP Billiton Limited (ADR) (NYSE:BHP), and Vale SA (ADR) (NYSE:VALE). All of these stocks mentioned will usually be weak when the Chinese stock market declines. Last night, the important Shanghai Index finished lower by nearly 3.0 percent.