Base Metal Stocks Weigh On Markets
This morning, most of the leading base and industrial metal stocks are declining at the start of the trading day. One of the leading stocks in the sector is Rio Tinto plc (NYSE:RIO). Today, RIO stock is declining lower by $1.72 to $47.53 a share. It should be noted that RIO stock traded as high as $60.45 a share at the start of 2013. So traders can easily see how this stock and industry group has rolled over recently. Short term traders should watch for intra-day support around the $46.35 level. This level will also be daily chart support, however, the $43.00 area looks to be a stronger daily chart support area should the stock trade down to that level.
Some other leading base and industrial metal stocks that are declining lower on the session include Vale SA (ADR) (NYSE:VALE), BHP Billiton Limited (ADR) (NYSE:BHP), and Teck Resources Ltd (USA) (NYSE:TCK). The stocks in this sector will usually be affected by Chinese economic growth and a stronger U.S. Dollar Index.