Freeport (FCX), Teck (TCK), Rio (RIO), Vale (Vale) Continue Slide on Copper Concerns

Even though mining giants like Freeport-McMoRan, Teck (NYSE:TCK), Rio Tinto (NYSE:RIO) and Vale (NYSE:Vale) have varying degrees of exposure to copper, the declining price of the metal has investors concerned over global growth in general, as copper is a leading proxy in that regard.

Over the last three days copper prices have fallen about 9 percent, the lowest price since December.

What is generating the fall in stock prices and copper is concern over demand for raw materials in general, as the price of oil remains high with no end in site at this time as to when it will fall back to earth.

The only reason the broader markets have been holding up is the unrest in the Middle East, which is causing the spike in oil prices, is thought to be a temporary situation.

If it does get worse, then all bets are off as to how high oil will go, with a growing number of analysts and experts believing gas could reach $4 a gallon in response to the spike. Oil may even test highs if things aren't settled down.

Freeport closed Wednesday at $48.45, down $1.66, or 3.31 percent. Rio Tinto closed at $66.74, down $0.73, or 1.08 percent. Teck Resources closed at $52.57, falling $1.67, or 3.08 percent. Vale ended the day at $32.88, losing $0.41, or 1.23 percent.