Wednesday, March 16, 2011

Freeport McMoran (FCX) Bucks Trend, as (BHP) (RIO) (AA) (VALE) Struggle

Freeport-McMoran (NYSE:FCX) enjoyed a lot of action on Tuesday, as the miner soared to close up over 5 percent on the day, while counterparts BHP Billiton (NYSE:BHP), Rio Tinto (NYSE:RIO), Alcoa (NYSE:AA) and Vale (NYSE:VALE) all closed down on Tuesday.

Most of this is related to the concerns over China, even while the Japan tragedy grabs the majority of the financial headlines.

China's battle against inflation is the major impetus behind the miners getting punished, and there's still a lot more clarity needed before confidence in the growth trajectory in China is embraced again.

Some are wondering if Freeport's performance is a signal we're at a bottom now.

Alcoa closed Tuesday at $16.04, down $0.08, or 0.50 percent. BHP closed at $86.95, falling $2.07, or 2.33 percent. Rio ended the session at $64.44, dropping $0.68, or 1.04 percent. Vale closed at $31.91, down $0.53, or 1.63 percent. Freeport surged up to close at $51.43, gaining $2.50, or 5.11 percent.

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