Metal and Mining Stocks Catch A Bid Friday, August 27, 2:38 PM ET, by Market News Video Staff In Friday afternoon trading, the SPDR S&P Metals and Mining ETF (XME) is trading higher ...
By Market News Video Staff, Friday, November 26, 9:45 AM ET
Miner Rio Tinto (NYSE:RIO) updated its business outlook today. It said it is planning on 661,000 tones of mined copper production in 2010. The planned expansion of its iron ore business will increase production by more than 50% within five years. The company is leaving its prospects for capital expenditures unchanged at $13 billion though the end of 2011.
The positive news couldn't keep shares of RIO from falling this morning, as the stock is lower by 1.6% so far today.
At 5.66% of the First Trust ISE Global Copper Index Fund (NASDAQ:CU), Rio Tinto is the third-largest stock in the fund. Southern Copper (NYSE:SCCO) is the top stock in the fund, accounting for 6.16% of the NAV, followed by Freeport-McMoRan (NYSE:FCX) accounting for 5.86%.
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