Industrial Metals Break Like Glass
All of the leading industrial metal stocks are trading sharply lower this morning. When there are signs of an economic slowdown this sector will usually come under selling pressure. Freeport McMoRan Copper & Gold Inc (NYSE:FCX) is a leading copper producer that is trading lower by $1.07 to $35.87 a share. This stock should have intra-day chart support around the $35.00 and $34.00 levels. Many traders and investors follow copper very closely as a leading economic indicator.
Some of the other leading industrial metal stocks that are coming under selling pressure today include BHP Billiton Ltd (NYSE:BHP), Rio Tinto plc (NYSE:RIO), and Cliffs Natural Resources Inc (NYSE:CLF). It is important to remember that these stocks will usually bounce or rally higher whenever the U.S. Dollar Index declines. Most commodity related stocks will trade inverse to the U.S. Dollar.