Copper’s recent surge, which was attributed to an improving Chinese economy, has begun to stall. Copper prices spiked approximately 7.8 percent through the first half of August, but have since fallen roughly 2.8 percent from last month’s peak. One sign of slowing demand has been the inventories at warehouses in Shanghai, which have fallen from as high as a million tons early this year to currently around 400,000 tons. "We're unlikely to see any surprise in copper demand from China this year," said Yang Changhua, a Beijing-based analyst at Beijing Antaike Information Development Co. "Even if we do have so-called additional supportive measures from the government or the economy seems to stabilize, the impact on the copper sector would be quite limited and usually macro policies have a lagged behind impact on the micro levels," Mr. Yang added.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) shares traded in the range of $30.94 to $31.25 Tuesday before settling to close at $31.12, an increase of 2.98 percent. The stock appears to be facing some resistance at the $31.23 and $31.47 levels with some support at $30.59. Shares of Freeport-McMoRan have gained approximately 6.5 percent in the past month.
More information on Freeport-McMoRan and access to the free equity report can be found at:
www.WallStreetFundamentals.com/FCX
Southern Copper Corp. (NYSE: SCCO) shares traded in the range of $27.41 to $28.28 Tuesday before settling to close at $27.75, an increase of 0.91 percent. The stock appears to be facing some resistance at the $28.25 and $30.59 levels with some support at $26.31. Shares of Southern Copper have gained approximately 4.0 percent in the past month.
More information on Southern Copper and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SCCO
Teck Resources Ltd. (NYSE: TCK) shares traded in the range of $25.84 to $26.41 Tuesday before settling to close at $26.01, an increase of 3.05 percent. The stock appears to be facing some resistance at the $27.02 and $27.72 levels with some support at $25.99. Shares of Teck Resources have fallen approximately 28.0 percent in the past month.
More information on Teck Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/TCK
Taseko Mines Limited (NYSEMKT: TGB)(TSX: TKO) shares traded in the range of $2.06 to $2.14 Friday before settling to close at $2.06. The stock appears to be facing some resistance at the $2.22 and $2.32 levels with some support at $2.02. Shares of Taseko Mines have gained approximately 3.0 percent in the past month.
More information on Taseko Mines and access to the free equity report can be found at:
www.WallStreetFundamentals.com/TGB
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