Base Metals Weighing Heavy On Markets
This morning, the leading base and industrial metal stock are all coming under early selling pressure. This decline in the base metal stocks comes despite a strong Shanghai Index (Chinese market) last night. Often, when the Chinese markets do well the base metals will rally higher as well. That is certainly not the case today.
One the leading base and industrial metal stocks in the market is Rio Tinto plc (NYSE:RIO). This stock is declining lower by 0.63 cents to $55.18 a share. Short term traders should watch for intra-day support around the $54.90, and $53.60 levels. Both areas are likely to see small intra-day bounces. The daily chart is showing support around the $52.00.
Some other leading base and industrial metal stocks that are declining lower today include Southern Copper Corp (NYSE:SCCO), Cliffs Natural Resources Inc (NYSE:CLF), Freeport-McMoRan Copper & Gold Inc (NYSE:FCX), and BHP Billiton Limited (ADR) (NYSE:BHP). All of these stocks have been trading very close together recently.