This morning, many of the leading base metal stocks are bouncing higher to start the day. This important stock sector has been very weak since the middle of 2011. The leading stock in the sector is Freeport McMoran Copper & Gold Inc (NYSE:FCX). Today, FCX stock is trading higher by 0.30 cents to $33.25 a share. Short-term traders should watch for intra-day resistance around the $33.60 level. Should the stock decline there will be some intra-day support around the $32.80 level.
Some of the other leading base metal stocks that are trading in positive territory today include Rio Tinto plc (NYSE:RIO), BHP Billiton Ltd (NYSE:BHP), and Cliffs Natural Resources Inc (NYSE:CLF). Traders and investors must remember that the daily chart trend is down for this entire industry group, therefore the bounces may not last very long. All of these stocks will generally trade inverse to the U.S. Dollar Index which could affect the action in this important stock sector.