FCX, TCK - Copper miners collapse

With Copper prices falling by -4.5% to a new multi year low of $2.60, the related mining stocks were severely hit. Freeport McMoran (FCX) and Teck Resources (TCK) settled lower by -7.5% and -6.0% respectively. Near term outlook remains bearish.


FCX, daily

TCK, daily

Summary

*first, an update on Copper... monthly

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*Of the two, I prefer FCX, although both companies should be fine across the long term.

As things are, I have ZERO interest in being long ANY mining stocks until Copper has fallen to the original 'deflationary' target zone.. somewhere in the $2.30s or so.. and that might well take a few more months to hit.