Tue, Aug. 11, 11:35 AM
- Commodity metals are getting hammered by China's devaluation, with aluminum trading down nearly 2%, copper prices lower by 2.5% and nickel plunging more than 3.5%.
- Hardest hit of the mining stocks is Freeport McMoRan (FCX -14.1%), which has completely surrendered yesterday's 10.8% surge; shares now are down 72% over the past year and 57% YTD.
- Iron ore miners are sharply lower: BHP -5.5%, RIO -4.2%, VALE -7.8%, CLF -7.3%.
- Steel companies: X -9.7%, MT -5.1%, AKS -5.7%, NUE -2.9%, STLD -3.5%, CMC -4%.
- Also: AA -6%, CENX -4.9%, TCK -8.2%, SCCO -4.9%.
- ETFs: XLB, JJC, XME, SLX, PEO, VAW, COPX, DBB, UYM, CU, IYM, JJN, SMN, JJU, PICK, MATL, CPER, JJT, BOM, RJZ, FXZ, PYZ, BOS, FOIL, JJM, LD, BDD
Wed, Jan. 14, 7:57 AM
- Mining stocks look headed for sizable losses, as copper prices sink to five-and-a-half year lows and the World Bank lowers its forecast for global economic growth.
- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) -11.5% in London trading, Antofagasta (OTC:ANFGF) -7% in London, Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) -9.5% in London, Vedanta (OTCPK:VDNRF) -18% in London, Rio Tinto (NYSE:RIO) -4.3% premarket in the U.S., VALE -2.9%, FCX -5.1%, CLF -2.6%.
- BHP Billiton (NYSE:BHP) -7.5% in London and -5.5% U.S. premarket after S&P Capital IQ downgraded shares to Hold from Buy, expecting "weaker commodity prices to increasingly impact on group profits as hedges expire and see currency headwinds from a stronger [U.S. dollar]."
- ETFs: XLB, XME, SLX, COPX, VAW, UYM, CU, IYM, HAP, IRV, MXI, SMN, GNR, GUNR, PICK, MATL, FXZ, PYZ, CRBQ, RTM, CCXE, FMAT, GRES, SBM
Mar. 11, 2014, 12:02 PM
- A continued wave of morning selling has brought copper lower by 4.3% on the session to $2.95 per pound, the weakest level since the summer of 2010.
- Copper started the year at $3.40 and its swift decline this week comes amid horrid Chinese export numbers, a plunging price of iron ore, and chatter about defaults and banks calling in loans in China.
- JJC -3.1%
- Other copper ETFs: CPER, CUPM
- Copper producer ETFs: COPX, CU
Jun. 24, 2013, 5:31 AM
Jun. 4, 2013, 2:28 PMCopper rallies (JJC +1%) on expectations of tighter supplies, as the potential rises for an extended shutdown at Freeport McMoRan's (FCX -2.5%) Grasberg copper and gold mining operation in Indonesia. If FCX were to declare force majeure, the shutdown could remove 100K-150K metric tons of copper supply from the market, a sizable chunk out of estimates of 600K-800K metric tons. | Jun. 4, 2013, 2:28 PM | Comment!
Apr. 13, 2012, 10:53 AMA day after rallying strongly, many commodity names are selling off as a result of top customer China's soft GDP report. Copper (CU -2.4%), silver (SLVP -1.8%), and gold (PSAU -1.6%) miners are all getting hit, as are steelmakers (SLX -1.9%) and some aluminum names (AA -2.2%, NOR -3.7%). | Apr. 13, 2012, 10:53 AM | 2 Comments
Apr. 12, 2012, 2:49 PM
Apr. 10, 2012, 12:36 PMCrude oil touches a 2-month low of $100.83/barrel as it follows risk markets downward. USO -1%, BNO -1.7%. Another economically sensitive commodity, copper falls back to mid-January levels at $3.65/lb. JJC -1.8%. Freeport-McMoRan (FCX) gives up big early 2012 gains to slip into the red on the year. | Apr. 10, 2012, 12:36 PM | Comment!
Nov. 1, 2011, 9:47 AMUsually a safe haven on days like this, even gold isn't escaping the general panic as the rising dollar sends futures -2.1% to $1688.90/oz. However, silver is taking a much greater hit, sinking 6.1% to $32.244. The metal is "very much as an industrial metal right now," says one trader. Copper -4.4% to $3.473 and Platinum -2.7% to 1563.50. | Nov. 1, 2011, 9:47 AM | 2 Comments
Oct. 27, 2011, 11:05 AM
Oct. 12, 2011, 10:27 AMCheck out the remarkable moves in currencies (aussie +300 pips in 12 hours!) and key commodities starting right about the time China opened for business last night This rally may have little to do with Europe and everything to do with China showing signs of opening the spigots again. Chinese shares +3%. RE ETF: TAO +5.1%. | Oct. 12, 2011, 10:27 AM | Comment!
Jul. 1, 2011, 2:23 PMDr. Copper +4% today, adding more fuel to the positive economic spin emanating after today's stronger-than-expected ISM report. Word that China may be holding interest rates steady is helping support prices. Copper futures for September delivery stand at $4.30/pound, up from $4.09 earlier this week. | Jul. 1, 2011, 2:23 PM | Comment!
May 13, 2011, 8:16 AMOnly 24 hours ago threatening to take out lows going back to November, copper continues a sharp reversal, back over $4.0/lb. Copper traded in Shanghai is in backwardation, indicating at least near term supply tightening. Could Freeport-McMoRan (FCX) bounce hard off the $48 level again? | May 13, 2011, 8:16 AM | 1 Comment
CU vs. ETF Alternatives
The First Trust ISE Global Copper Index Fund is an exchange-trade fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the ISE Global CopperTM Index.
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