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Base Metal Miners Declined the Week Ended January 2, 2016

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Dec. 4 2020, Updated 10:53 a.m. ET

Freeport fell 10.6% the week ended January 2

The equities of major base metal mining companies fell in the week ended on January 2. Freeport-McMoRan (FCX), one of the leading copper producers, fell last week and ended in a loss. Freeport declined 10.6% in the week ended on January 2 and ended the week at $6.77.

Freeport started last week on a negative note and carried the same bearish momentum through the entire week. The bearish sentiment was seen in most of 2015.

Freeport declined more than 70% and was one of the worst performers in the base metal mining industry during 2015. Glencore (GLNCY) fell the week ended January 2, 2016, and ended in a loss.

Glencore fell 4.2% and ended the week at $2.625. Glencore started the week on a negative note and fell in 50% of trading sessions during the week. Glencore declined 71.5% in 2015.

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Alcoa, BHP, and Rio Tinto fell last week

After gaining for two consecutive weeks, Alcoa (AA) fell in the week ended January 2, 2016. Alcoa declined 2.5% last week and ended the week at $9.87. Alcoa declined in 75% of the week’s trading sessions and closed in a loss. Since the beginning of 2015, Alcoa has declined 37.5%. Last week, Alcoa tried and failed to stay above the important price level of $10.

BHP Billiton (BHP) gained for two consecutive weeks and declined last week. BHP Billiton (BHP), the Anglo-Australian mining giant, declined 1.5% last week and closed the week at $25.76. BHP Billiton has been consolidating for the past six trading sessions. In the week ended January 2, BHP Billiton fell in three out of four trading sessions. BHP fell 42% during 2015.

Rio Tinto (RIO) declined 2% in the week ended January 2 and ended the week at $29.12. Rio Tinto started this week on a negative note and fell in three out of four trading sessions during the week. The Powershares DB Base Metals ETF (DBB) rose 0.5%, and the SPDR S&P Metals & Mining ETF (XME) fell 4.8% last week.

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