Mining Profits...Investing In Industrial Metals

Gold mining stocks headed south as prices for the metal cooled Tuesday, while copper miners followed the price of copper higher.

Barclays Capital analyst Kevin Norrish told clients in a report Tuesday that "some profit-taking has emerged overnight and early this morning" in the gold market, which has driven prices lower.

Gold for February delivery dipped $2.40 to $648.50 an ounce in midday trading on the New York Mercantile Exchange.

Shares of gold miner Barrick Gold Corp. fell 60 cents, or 2 percent, to $30.90 on the New York Stock Exchange. Newmont Mining Corp. shares edged 26 cents lower to $46.93, while Goldcorp Inc. shares shed 59 cents to $30.59.

March copper picked up 7 cents to $3.25 a pound.

Copper miners Phelps Dodge Corp. and Freeport McMoran Copper & Gold Inc. -- which have agreed to merge -- both saw their shares tick higher. Phelps Dodge gained 15 cents to $122.30 on the Big Board, while Freeport added 77 cents to $61.70. Peru's Southern Copper Corp. saw its shares lose 20 cents to $55.30.