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Copper Collapse

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January 13, 2011 – Comments (2)

This afternoon almost every leading commodity stock or ETF is selling off sharply. Leading copper stocks such as Freeport McMoRan Copper & Gold Inc.(NYSE:FCX), and Southern Copper Corp.(NYSE:SCCO), are declining lower today by more than 2.00 percent. Southern Copper Corp. will have near term intra-day support around the $45.50 area. This is a possible intra-day bounce level that day traders can watch for.

 

Nicholas Santiago
InTheMoneyStocks.com

2 Comments – Post Your Own

#1) On January 13, 2011 at 7:29 PM, ChrisGraley (29.63) wrote:

The government announced that they are placing limits on commodities trading on the institutional investors.

They say they are doing it to decrease speculation, but I think inflation worries are settting in.

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#2) On January 14, 2011 at 9:46 AM, Melaschasm (55.44) wrote:

#1)  I think you are right.  A socialistic government's first reaction to inflation is usually some form of price controls.

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