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  • Base Metals Catch An Early Bid 0 comments
    May 16, 2012 10:38 AM | about stocks: FCX, CLF, SCCO, VALE

    This morning, all of the leading base and industrial metal stocks are catching a bid higher. It is important to note that this sector has been very weak since the start of the year. A case can be made that the leading base and industrial metal stocks have been weak since March 2011. One of the leading stocks in the sector is Freeport McMoRan Copper & Gold Inc (NYSE:FCX). This stock is very oversold on the daily chart and is really due for a short term bounce. Today, FCX stock is trading higher by $1.22 to $33.87 a share. Short term traders should watch for intra-day resistance around the $33.90, and $34.85 levels.

    Some of the other leading base metal producers that are bouncing today include Southern Copper Corp
    (NYSE:SCCO), Cliffs Natural Resources Inc (NYSE:CLF), and Vale (ADR) (NYSE:VALE). Please note, all of these stocks will generally trade inverse to the U.S. Dollar, therefore, it is very important to follow the U.S. Dollar index very closely.

    Nicholas Santiago

    (click to enlarge)

    Stocks: FCX, CLF, SCCO, VALE
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