Freeport (NYSE:FCX), Rio Tinto (NYSE:RIO), BHP (NYSE:BHP), Vale (NYSE:VALE) Finish Down

Diversified miners Freeport McMoRan (NYSE:FCX), Rio Tinto (NYSE:RIO), BHP Billiton (NYSE:BHP), Vale (NYSE:VALE) all closed down yesterday, as speculators close positions, take profits, and await market direction, which has been volatile because of the sovereign debt crisis, stronger U.S. dollar, and China interest rate concerns.

All of those elements mentioned above are strongly affected by the outcomes of the issues mentioned above, and await more clarity.

Commodities will move one way or the other based on how the circumstances play out and when the U.S. dollar will resume its downward journey.

When China does intervene by raising its interest rates, that will push miners and commodities prices down immediately, and probably significantly, and we'll see how other support mechanisms like the quantitative easing implemented by the Federal Reserve will interact with other events.

Rio Tinto closed at $65.79, falling $0.54, or 0.81 percent. Freeport ended at $96.84, dropping $0.77, or 0.79 percent. BHP was at $85.03, losing $0.01, or 0.01 percent. Vale came in at $31.47, decreasing y $0.04, or 0.13 percent.