Here’s Why Copper and Copper Stocks Dragged Down Commodities

Copper prices (NYSE:JJC) crashed another 2% today to close at $3.70. Despite a rally in the commodities (NYSE:RJI) sector in hopes for a solid subsidy program from the Federal Reserve on Wednesday, copper took a beating on weak economic data for U.S. housing and a possible slowdown in China (NYSE:FXI).

Shares of copper companies got spanked too: Rio Tinto (NYSE:RIO), Freeport McMorRan Copper & Gold (NYSE:FCX), Southern Copper (NYSE:SCCO), BHP Billiton (NYSE:BHP), and Augusta Resources (AMEX:AZC).

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