Big drivers for the sudden jump metal stocks include bullish comments about United States Steel Corp. (X) and talk of a takeover of Corus Group (CGA) by Tata Steel. Excitement about steel spread to Nucor Corp. (NUE), AK Steel Holding Corp. (AKS) which may successfully deunionize once of its plants, and Reliance Steel & Aluminum (RS) all going up about 5.5% each. Bullish comments about copper demand (staying high) and future prices (not getting cheaper) from Morgan Stanley pushed Phelps Dodge Corp. (PD) and other copper miners up.
The rally wasn't just limited to the big famous names either. Fairly obscure names such as Carpenter Technology Corp. (CRS) as well as Platinum/Palladium miner Stillwater Mining Company (SWC) were also up strongly. Pretty much every single name in the SPDR Metals and Mining ETF was up 5% today. The metals rally even spread to the gold miners with the Market Vectors Gold Miners ETF (GDX) up 2.19% for the day.
As this chart of five days trading of the iShares Goldman Sachs Natural Resource ETF (IGE), SPDR Oil & Gas Exploration & Production ETF (XOP), Gold Miners (GDX) and Metals and Mining ETF (XME) demonstrates, all natural resources are not alike, and energy is not the entire story.