Base Metal Miners Freeport-McMoRan and Glencore Fell Last Week


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

Freeport continued to weaken

Freeport-McMoRan (FCX) is one of the largest copper miners in the world. It fell for the second consecutive trading week. In the week ending on April 2, Freeport fell 2.2%. It closed the week at $9.89. Freeport consolidated around the important resistance level of $10 and the 200-day moving average throughout last week. For the past five trading weeks, Freeport has been struggling to close and stay above the price level of $10. However, a lack of support from copper is keeping the lid on the momentum.

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Last week, the workers at Freeport’s Peru division called for a 48-hour strike that starts on April 8. These workers belong to the Cerro Verde mine. It’s the largest copper deposit in Peru. A report released by Barclays predicted weakness in oil and copper in the coming days. It weakened the sentiment around Freeport-McMoRan.

Glencore consolidated last week

Glencore (GLNCY) is the metal trading and mining giant. It fell for the second consecutive trading week. In the week ending on April 2, Glencore fell 0.58% and ended the week at $4.25—very close to the 200-day moving average. Last week, Glencore consolidated between the price level of $4 and $4.5. Glencore fell to the multiyear day low of $2.02 on January 13. It started recovering after a week of consolidation. Even tough Glencore reached as high as $4.84 by March 7, the momentum reduced. Currently, it’s trading 12.2% below that price level. The price level of $4 is the nearest prominent support level of Glencore.

BHP Billiton and Rio Tinto were stable

BHP Billiton (BHP) is an Anglo-Australian multinational mining company. It consolidated around the important price level of $25 last week. It ended the week at $25.65 with a gain of 0.04%. Rio Tinto (RIO), a British-Australian mining corporation, gained 1.7%. It closed the week at $28.17. The Power-Shares DB Base Metals Fund (DBB) and the SPDR S&P Metals & Mining ETF (XME) gained 1.8% and 2.2% in the week ending on April 2.


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