Mining Names Continue to Lag (FCX, SCCO, NEM)

Despite an intraday surge in copper futures and in the overall market, mining names Freeport McMoran FCX, Newmont Mining NEM, and Southern Copper Corp SCCO, all of which took a hit yesterday, continue to lag the overall market. Freeport McMoRan FCX turned positive briefly early in the session, but was quickly sold into and is currently down 0.37% to $54.29. Southern Copper SCCO has also come well off intraday highs and is meandering around neutral territory, currently up 9 cents at $40.29. Newmont Mining NEM is the weakest of the group down 0.3% to $53.43 after breaking below its 20-day moving average.