Copper, Steel Stocks Rise Midday on Data, Ratings
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Price: $235.56 +0.95%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.9%
Revenue Growth %: +21.1%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.9%
Revenue Growth %: +21.1%
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Steel companies are trading higher today, potentially on momentum set forth by Wuhan Steel, which announced that they would be increasing prices by about $45.50 per ton on all of its products starting with March bookings. A positive outlook by Goldman Sachs on Steel Dynamics (Nasdaq: STLD) is pushing that stock 3% higher. Goldman is looking STLD to hit a price of $23 per share, an over 20% premium to Friday's closing of $18.82.
Shares of U.S. Steel are 2.9% stronger this morning, along with AK Steel at 2.9%, and trailed by Nucor Corp. (NYSE: NUE) 1.5%.
Copper import data out of China is also driving other miners further into positive territory today. Data has imports into China in January of 364,240 tons, a 25% increase from the same period last year. Accordingly, copper is trading 1.7% higher to $1.6155 per pound, according to March 11 contracts on Comex.
On the news, Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) is 4.6% better today. Newmont Mining Corp. (NYSE:
NEM) is 1% stronger, and Southern Copper Corp. (Nasdaq: SCCO) is 1.4% better.
Shares of U.S. Steel are 2.9% stronger this morning, along with AK Steel at 2.9%, and trailed by Nucor Corp. (NYSE: NUE) 1.5%.
Copper import data out of China is also driving other miners further into positive territory today. Data has imports into China in January of 364,240 tons, a 25% increase from the same period last year. Accordingly, copper is trading 1.7% higher to $1.6155 per pound, according to March 11 contracts on Comex.
On the news, Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) is 4.6% better today. Newmont Mining Corp. (NYSE:
NEM) is 1% stronger, and Southern Copper Corp. (Nasdaq: SCCO) is 1.4% better.
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