Disappointing manufacturing data from China and news that the Federal Reserve would begin to scale back stimulus measures have combined to send copper futures sliding to a seven-week low. On Thursday, copper for July delivery on the Comex division of the New York Mercantile Exchange hit as low as $3.0550 a pound, the lowest since the beginning of May. The preliminary HSBC China Manufacturing Purchasing Managers Index shrunk to 48.3 in June, from 49.2 May, signaling a further contraction in China’s manufacturing activity. "Copper has been particularly hard hit as expectations for monetary tightening crushed hopes for a widespread revival in the U.S. housing market," RBC Capital Markets wrote in a note to clients.
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX - News) shares traded in the range of $27.52 to $28.55 Thursday before settling to close at $27.72, a decrease of 5.04 percent. The stock appears to be facing some resistance at $28.87 with some support at $27.58. Shares of Freeport-McMoRan have fallen approximately 15.7 percent in the past month.
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Southern Copper Corp. (NYSE:SCCO - News) shares traded in the range of $27.90 to $28.58 Thursday before settling to close at $28.26, a decrease of 2.32 percent. The stock appears to be facing resistance at the $28.91 and $30.79 levels. Shares of Southern Copper have fallen approximately 14.0 percent in the past month.
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Teck Resources Ltd. (NYSE:TCK - News) shares traded in the range of $21.74 to $22.00 Thursday before settling to close at $21.74, a decrease of 2.95 percent. The stock appears to be facing resistance at the $22.18 and $24.42 levels. Shares of Teck Resources have fallen approximately 22.3 percent in the past month.
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Taseko Mines Limited (NYSEMKT:TGB - News)(TSX:TKO.TO - News) shares traded in the range of $1.92 to $2.00 Thursday before settling to close at $1.95, a decrease of 2.50 percent. The stock appears to be facing resistance at $2.01 and $2.24. Shares of Taseko Mines have fallen approximately 6.3 percent in the past month.
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