Freeport McMoRan Under Early Pressure
Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is one of the leading copper producers. This morning the stock is declining by 0.57 cents to $54.50 a share. Last night the highly followed Shanghai Index was lower by 0.87 percent. When the Shanghai Index declines it will often be reflected in the leading commodity stocks when the New York Stock Exchange opens for trading. Short term scalp traders should watch for intra-day support on FCX around the $52.85 area.
Other leading commodity stocks that are declining lower this morning are Cliffs Natural Resources Inc.(NYSE:CLF), and Southern Copper Corp.(NYSE:SCCO). When the leading commodity stock is moving other stocks in the sector will usually follow.