Wednesday 23 December 2015

FCX, TCK - copper miners surge

Whilst the main market pushed higher for a third consecutive day, there were extremely powerful gains for the copper miners. Freeport McMoran (FCX) and Teck Resources (TCK) settled higher by 16.2% and 9.9% respectively. Near term outlook is bullish, but there is yet to be any capitulation within the mining industry.

FCX, daily

TCK, daily


Suffice to note.. despite very powerful gains.. it has been a year of horror for most mining stocks.

Just reflect on the fact that FCX started 2015 in the $22s.. and despite today's very powerful gain, is still net lower by around -65%.

*I have ZERO interest in being involved in any of the mining stocks, as commodities still look vulnerable to another major down wave in first half of 2016.