Yesterday morning, many of the leading base metal stocks were coming under some selling pressure. The decline in many of the leading base metal stocks takes place as copper futures decline. Copper can be followed by watching the iPath Dow Jones UBS Copper Total Return Sub-Index ETN (NYSEARCA:JJC) (-1.62%). Copper is also used as a leading indicator for the stock market by many traders and investors.
Some of the leading base and industrial metal stocks that are declining lower include Freeport-McMoRan Copper & Gold Inc (NYSE:FCX), BHP Billiton Limited (ADR) (NYSE:BHP), and Vale SA (ADR) (NYSE:VALE) to name a few. FCX stock is considered to be the leading stock in the base metal sector. Short term traders can watch for intra-day support around the $35.60, and $34.50 levels. All of these stocks will generally trade inverse to the U.S. Dollar Index.