Copper Stocks Catch An Early Bid
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.