Copper has a Bad Hair DayCopper fell the mostess in years due to rumors of the Chinese clamping down on real estate speculatin and news - fake or real - coming out of Trump's WH today that the expected $150 billion dollar infrastructure spending in 2017 will be delayed until 2018. Most major copper stocks fell out of bed today on those rumors.
As for Coro Mining (COP), it was unchanged today. The copper spot price has no correlation to COP's stock price. Although the Beta for COP is a high 6 according to TSX - meaning its stock is highly volatile - I posited before that my own regression analysis shows a negative coefficient and inversely correlated with the copper price due to Beta decay and regression below the mean. Simply put, COP is a penny stock. An example is betting on horses - high risks - but no relation to the stock market with Beta at zero. This would explain yesterday's trade where COP fell 10% on a strong day for the metal & copper stocks and stayed unchanged on a bad day for same.
The COP's current chart with the flag downward sloping on lower vol. is extremely bullish. I expect the stock will continue on its upward trend after next week. COP will pitch its stock at the Toronto's PDAC next weekend and will also begin touting its prospects to US investors. The stock is being held down - they need to put some meat on the bones to attract investors.