This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Copper Prices Shine on China, Housing Outlook

Stocks in this article: FCX SCCO TGB BUCY JOYG CAT WIRE

Copper stocks in Shanghai shrunk by 60,000 tons in March to April and the strong inventory build observed up until the end of April in Asian London Metal Exchange warehouses appears to have ended, Commerzbank says.

ANZ Research Commodity Analyst Natalie Robertson says reports suggesting that China is planning to expand output of its nonferrous secondary scrap market by 60% from 2010 to 1.2 million tons by 2015 implies an expected improvement in underlying demand.

Goldman Sachs now says that copper prices represent a good buying opportunity after saying last month that it was closing out of its commodities basket trade, citing near-term risk-reward considerations.

Despite the bullish reports on copper in recent days, data from Crédit Agricole Corporate and Investment Bank and the Commodity Futures Trading Commission indicates that in the week of May 17, speculator and investor net long positions in copper fell by 66 kilotons to 39.6 kilotons, the lowest since mid-2010 thanks to worries about global growth, Eurozone sovereign debt and a stronger dollar.

Copper stocks were rising in midday trading. Freeport-McMoRan Copper & Gold (FCX) was gaining 2.6% to $50.07, while peer Southern Copper (SCCO) was rising 1.7% to $35.34. Copper miner Taseko Mines (TGB) was up 1.2% to $5. Copper fabricator Encore Wire (WIRE) was trading sideways at $22.75.

Mining equipment maker Bucyrus International (BUCY) was unchanged at $91.68, while peer Joy Global (JOYG) was up 1.2% to $87. Mining equipment manufacturer Caterpillar (CAT) was adding 1.8% at $103.37.

>>Search for Highest Dividends by Rate or Yield

More on Earnings
Today's Top Earnings
Earnings Calendar

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.

>To follow the writer on Twitter, go to Andrea Tse.

>To submit a news tip, send an email to:

Copyright 2011 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
2 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs