Copper Stocks Jump Sharply (FCX, SCCO, TGB, RIO)


Prices of copper jumped more than soared 4.30% to $ 364.000 /lb. on Thursday following European leaders announced an agreement that will see private bondholders take a 50% write-down on Greek debt, boost the firepower of the euro-zone bailout fund to around $1.4 trillion and recapitalize European banks. This increases the risk appetite among traders.

Freeport-McMoRan Copper & Gold Inc.  (NYSE:FCX) is the biggest gainer and soared 6.21% to $41.74 in the pre-market session. The stock is still down 33% year to date.

Southern Copper Corporation (USA)  (NYSE:SCCO) added $1.23 or 4.11% to $31.17.The stock is still down 38% year to date.

Taseko Mines Limited (USA)  (NYSE:TGB) added 3.40% to $3.66. The stock is still down 32% year to date. Over the past one week, the stock has jumped over 12%.

Rio Tinto plc (ADR)  (NYSE:RIO) soared 7.50% to $53.31. The stock has climbed about 125 in the past one week. Rio Tinto plc (Rio Tinto) is engaged in minerals exploration, development, production and processing. The Company’s product groups include aluminum, copper, diamonds and minerals, energy, and iron ore. Its major products are aluminum, copper, diamonds, coal, iron ore, uranium, molybdenum, gold, borates, titanium dioxide, salt and talc.

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