Copper Stocks Lose Some Ground
Two of the leading copper stocks are trading lower this morning as the major stock market indexes all decline. Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is selling off by $1.68 to $116.94 a share. FCX will have short term intra-day support around the $116.50 and $115.00 levels.
Southern Copper Corp.(NYSE:SCCO) is trading lower today by 0.93 cents to $$46.58 a share. This stock should have short term intra-day support around the $46.40 and $45.50 levels. Both areas could see small intra-day bounces.
Many traders and investors follow copper very closely as it has been a sign of economic conditions around the world. Recently, due to the weak U.S. Dollar Index, copper prices and most other commodities have soared higher. Some investors will even say that the commodity index is being artificially inflated.