Commodity Related Stocks Rip Higher on Expanding Manufacturing In China (XME, KOL)
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Commodity related stocks, including metals and coal, are ripping higher today after manufacturing in China expanded for the first time in nine months.
Metal stocks rallied on hopes that the news signals demand could be coming back and slumping prices will rebound. The SPDR S&P Metals & Mining (NYSE: XME) is up 7.7% today, reflecting the broad-based move in the sector. Individual stocks that are rallying today include Alcoa (NYSE: AA) +5.5%, United States Steel Corp. (NYSE: X) +8%, Century Aluminum (Nasdaq: CENX) +29%, Reliance Steel & Aluminum Co. (NYSE: RS) +6% and Freeport-McMoRan Copper (NYSE: FCX) +7%.
The coal sector is benefiting not only from the China news, but Goldman Sachs lifted its sector rating on America Coal stocks to Attractive. The firm upgraded Massey Energy (NYSE: MEE) to Buy and added the stock to its Buy List and raised a number of price target on individual stocks in the sector. Goldman raised its price target on Massey Energy Co. (NYSE: MEE) to $26, Arch Coal Inc. (NYSE: ACI) to $21, CONSOL Energy Inc. (NYSE: CNX) to $36, Peabody Energy Corp. (NYSE: BTU) to $31, Foundation Coal Holdings Inc. (NYSE: FCL) to $26, Alpha Natural Resources, Inc. (NYSE: ANR) to $26, and Patriot Coal Corporation (NYSE: PCX) to $7. The 11% move higher in the sector ETF Market Vectors Coal ETF (NYSE: KOL) represents the broad-based sector move.
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