Most of the leading base metal stocks have been under heavy selling pressure over the past year. Today, the leading base metal stocks are rallying higher. BHP Billiton Limited (ADR) (NYSE:BHP) is one of the leading base metal producers. This leading stock is trading higher by $2.31 to $64.12 a share. Short-term traders should watch for intra-day resistance around the $64.25, and the $65.05 levels.
Often the leading base metal stocks will trade higher when the Chinese and Asian markets inflate. Many traders and investors are expecting the Chinese government to implement a new stimulus plan to counter the recent slowdown in the region. This type of news will usually help to lift the base metal stocks for a few days.
Some of the other leading base metal stocks that are trading higher today include Rio Tinto plc (ADR) (NYSE:RIO), Cliffs Natural Resources Inc (NYSE:CLF), and Southern Copper Corp (NYSE:SCCO). Traders must remember that all of these stocks will generally trade inverse to the U.S. dollar.