Base metal miners gain
In the week ended December 26, the equities of all major base metal miners gained, recovering from losses in the week prior. Major miners such as Freeport-McMoRan (FCX) and Glencore (GLNCY) gained more than 15% last week and ended at higher price levels.
Freeport-McMoRan breaks the losing streak
After falling for ten consecutive weeks, Freeport-McMoRan (FCX), one of the largest copper producers, recovered last week. Freeport-McMoRan rose 22% in the week ended December 26 and ended the week at $7.57. The company gained for all trading days of the last week and ended on its highest day close since December 4. Freeport-McMoRan started the week on a positive note by gaining on Monday, but most of the positive momentum was seen on Wednesday, with a gain of 16%.
Alcoa gains for the second consecutive week
Alcoa (AA), one of the major aluminum producers, gained for the second consecutive week and closed above the important price level of $10. Alcoa started this week on a positive note and carried the same positive momentum throughout the week. It rose 9.6% last week and ended the week at $10.12.
After closing the week prior with a loss of 8.6%, Glencore (GLNCY) gained. Glencore, the metal mining and trading giant, rose 17.5% last week and ended the week at $2.74. After falling for six consecutive trading weeks, Glencore gained last week in three out of four trading sessions and maintained the positive sentiment.
BHP gains 9.2%
In the before last week, BHP Billiton (BHP) gained 0.5% and carried the same momentum to last week. In the week ended December 26, BHP rose 9.2% and ended the week at $26.14. BHP rose for all trading sessions of the week and saw its highest day close since December 4, above the resistance level of $25. The SPDR S&P Metals and Mining ETF (XME) rose 8.8% last week.