Commodity Stocks Rebound Early. Will It Last?
This morning some of the leading commodity stocks are trading higher. The move higher in the commodity stock complex comes as the U.S. Dollar Index trades lower by 0.35 cents to $77.05. The Shanghai Index also rallied higher last night by 0.50 percent and this usually helps to lift commodity stocks short term.
Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is the leading copper stock in the world and is followed by most traders and investors as an economic barometer. Today the stock is trading higher by $1.02 to $52.03 a share. FCX stock will have some intra-day resistance around the $52.20 and $53.00 levels.
Cliffs Natural Resources Inc.(NYSE:CLF) is the leading iron ore pellet producer in the world. The stock has declined sharply over the past three trading sessions along with the major stock indexes. This morning the stock is trading higher by $1.37 to $93.34 a share. CLF stock will have intra-day resistance around the $94.15 area and more resistance around the $95.00 level. Short term traders can watch for minor pullbacks at both levels.
Southern Copper Corp.(NYSE:SCCO) is another leading commodity stock that is trading higher today. SCCO stock is trading higher by 0.30 cents to $42.00 a share. This stock will have intra-day resistance around the $42.10 area and more around the $42.60 level. These are two levels where the stock may see pullbacks.