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Base Metal Stocks Struggle Early



February 09, 2012 – Comments (0) | RELATED TICKERS: RIO , SCCO , BHP

Many of the leading base metal producing stocks are struggling to catch a bid this morning. Rio Tinto Plc (NYSE:RIO) is a leading stock in the base metals and materials sector that is coming under some early selling pressure. This market leader is declining by $1.31 to $60.22 a share. The decline in this market leader comes despite a strong copper, gold, and silver market today. RIO will have short term intra-day support around the $60.00 and $58.75 levels.

Some other leading base metal stocks that are declining lower this morning include BHP Billiton Ltd (NYSE:BHP), Vale S A (NYSE:VALE), and Southern Copper Corp (NYSE:SCCO). Traders should watch the U.S. Dollar Index closely as these stock will usually catch a bid when the U.S. Dollar declines.

Nicholas Santiago

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