Metals and Mining
Winners & Losers: Alcoa, Barrick Gold
Vale (VALE) added 0.8% at $28.20 after JPMorgan Chase raised the stock to "overweight," citing increased demand from China, reports Bloomberg. Vale may also outperform steel producers because iron-ore prices will probably rise 20% in 2010, 30% in 2011 and 10% in 2012, Rodolfo de Angele, the JP Morgan analyst, said in a report.
Freeport McMoRan(FCX) lost 0.8% to $77.70 even after the company assured the public that labor strikes at its Tenke Fungurume copper-cobalt mine in the Katanga Province of the Democratic Republic of Congo had not affected production. Freeport expects steady production at its Grasberg copper and gold mine in Papua, Indonesia in 2010, but foresees gold output falling by about a fifth due to lower ore grades. Meanwhile, Barrick Gold(ABX) fell 0.7% to $41 after being cut to neutral from outperform by Credit Suisse this week. -- Reported by Andrea Tse in New York. >>See our new stock quote page. Follow TheStreet.com on Twitter and become a fan on Facebook.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
|
|
DOWN
26.41 |
DOWN
2.99 |
DOWN
10.02 |
DOWN
0.44 |
10 Yr
1.58%
SPDR Gold
151.62
|
|
-0.21%
|
-0.23%
|
-0.35%
|
-2.71%
|
Data delayed 20 minutes |
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