Tuesday, 23 May 2017

FCX, TECK - choppy copper miners

With copper prices remaining broadly stuck within a range of $2.70-2.45, the related copper miners remain broadly choppy. Freeport McMoran (FCX) and Teck Resources (TECK) settled +0.4% and -2.7% respectively. Near term outlook is for further choppy, leaning on the weaker side.

FCX, daily

TECK, daily


Suffice to add, it was a bit of a mixed day for the copper miners. Both FCX and TECK have really struggled since January. Even if copper can break >$2.70, it will take at 6-8 weeks for both stocks to have any hope of breaking a new multi-year high.

Of the the two, I personally favour TECK.

For those who prefer ETFs, there is COPX.