Yesterday, most of the leading base and industrial metal stocks were trading lower. This important sector has really struggled throughout 2013. One of the leading stocks in the sector is Rio Tinto plc (RIO). Yesterday, RIO stock was trading lower closing at $46.21, down 0.76 a share. Short term traders should watch for intra-day support around the $46.00, and $45.35 levels. The daily chart will still have some minor support around the $43.00 level.
Some of the other leading base and industrial metal stocks that declined lower yesterday included Southern Copper Corp (SCCO), Freeport-McMoRan Copper & Gold Inc. (FCX), Teck Resources Ltd (USA) (TCK), and BHP Billiton Limited (ADR) (BHP). All of these stocks have been very weak due to the stronger U.S. dollar, and weak Chinese construction. Until these factors change, the base and industrial metal stocks should remain sluggish.