Copper Producers Head to the Downside As Copper Prices Fall

Copper producer stock prices are down as the price of copper falls from all-time highs.

For instance, Southern Copper (PCU), an integrated copper producer will operations in Peru and Mexico, is down 44.37% percent from its all-time high of $45.01 set on October 29, 2007. PCU is 75 percent owned by Grupo Mexico (GMEXICOB.MX), Mexico's largest mining company, another mining stock that is down significantly.

At $25.04 PCU is trading below its 200-day moving average and key support at $26.

Other major copper producers including BHP Billiton (BHP), Freeport McMoRan Copper & Gold (FCX), Rio Tinto (RTP), Tech Cominco (TCK) and Vale (RIO) have downside price chart patterns.

I (RAH) have no positions in PCU, BHP, FCX, RTP, TCK or RIO.

Related Articles:

Making Money With Cyclical Stocks
Portfolio of Copper Stocks
Southern Copper Headed Toward a Possible Double Top

Posted August 6, 2008.