A Look at Industrial Metals & Uranium Miners

The IMs are a mixed bag, seemingly dependent upon which industrial metal(s) are getting pumped on supply/demand (e.g. BHP & RIO on Vale Iron halt) or China news at a given time.

Steel has been going the other way as X, SLX, etc. get hammered. The Metals & Mining ETF (XME) reflects its heavy steel mining and services weighting. Doctor Copper, meanwhile, has been stable and FCX is still on a modest intermediate uptrend (I am long as long as said trend holds).

industrial metals

As for the Uranium patch well, it’s groundhog day. It never changes, until someday it does. I have a modest position in Cameco and got shaken out of NXE recently. Otherwise, I am just watching and waiting for someday. *


* Unless CCJ/the sector materially breaks down, in which case screw ‘someday’.

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