Yesterday afternoon, many of the leading base and industrial metal stocks are declining lower on the trading session. The catalyst for the decline in this leading sector is the stronger U.S. Dollar Index. Often, when the U.S. Dollar Index is stronger everything that is commodity based will come under selling pressure.
Freeport McMoRan Copper & Gold Inc (NYSE:FCX) is considered to be one of the leading base and industrial metal stocks in the world. Yesterday, FCX stock declined lower by 0.50 cents to $39.18 a share. Short term traders should watch for intra-day support around the $39.00, and $38.50 levels.
Some other notable base and industrial metal stocks that traded lower yesterday included BHP Billiton Ltd (NYSE:BHP), Cliffs Natural Resources Inc (NYSE:CLF), and Rio Tinto plc (NYSE:RIO).