With Copper prices falling by -2.0% to $2.17, the related mining stocks were under natural downward pressure. Freeport McMoran (FCX) settled significantly lower for a seventh consecutive day, -5.5% @ $8.80. The Dec'2008 low of $6.29 is set to be taken out.
*first, an update on Copper, monthly
Suffice to add, FCX remains in an extremely strong collapse wave from summer 2014.
Indeed, the July 2014 high of $37.42 now looks an impossibly long way up.. and is probably YEARS away from being challenged.
... and that assumes FCX won't implode to zero.
What should be increasingly clear.. there has been hardly any actual capitulation in the mining/energy sector. It is going to take some of the mid-size names to literally disappear for market forces to balance supply/demand.
*I have no position in FCX. I hope the company can manage to endure the continuing commodity weakness. I'll keep an eye on FCX in the months ahead.