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Copper Stocks Catch An Early Bid



June 02, 2011 – Comments (0)

This morning, two of the leading copper stocks are trading higher to start the day. Yesterday, copper stocks where crushed lower on heavy volume. Often, after a high volume rally or decline the next trading session stocks will retrace a little bit. That seems to be what is happening with the leading copper stocks today.

Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is considered the leading copper stock in the market. This stock declined sharply lower yesterday, however, today FCX stock is trading higher by 0.81 cents to $50.19 a share. Traders should watch for intra-day resistance around the $50.60 level. This is an area where the stock could see a significant intra-day pullback.

Southern Copper Corp.(NYSE:SCCO) is another leading copper stock that is trading sharply higher on the trading session. SCCO stock is trading higher by 0.90 cents to $34.07 a share. Traders can watch for intra-day resistance on SCCO stock around the $34.30 level. Should the stock trade higher later in the session the next important resistance level will be around the $35.05 area. Both levels could see small pullbacks.

Nicholas Santiago

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