Freeport (NYSE:FCX), BHP (NYSE:BHP), Teck Resources (NYSE:TCK) Down on China CPI Report

Freeport-McMoRan Copper & Gold(NYSE:FCX), BHP Billiton Limited (NYSE:BHP) and Teck Resources (NYSE:TCK) were all down Friday as uncertainty clouded the demand picture when news China's consumer price index rose to 4.4 percent (higher than what was anticipated), leading to speculation China may tighten the economy by raising interest rates in order to fight inflation.

Gold price obviously plummeted on the news, but the diversified miners also took hits because of the demand factor all continue to rely upon from China.

Copper also took it on the chin, dropping the most in a trading session in four months. In China copper, along with zinc, cotton, rubber, sugar, corn and soybeans fell to their daily limits as concerns not only inflation, but the possibility reserves may be tapped for sales, which would cut demand.

All of this and more is affecting the share price of diversified miners and commodity-based companies, and all eyes are on China as to where the market will go next.

Freeport closed Friday at $103.92, losing $4.09, or 3.79 percent. BHP was down to $86.97, falling by $2.63, or 2.94 percent. Teck Resources closed at $49.12, dropping by $1.07, or 2.13 percent.