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This weekend the Chinese central bank called the 'Peoples Bank of China' raised interest rates by 25 basis points. This move by the central bank was expected weeks ago as the consumer price index was indicating high inflation for the Chinese economy. The Chinese economy has been known to be the growth engine of the world. Should the Chinese take further steps to cool off its hot economy this action could effect many of the leading commodity stocks in the United States and around the world.

Freeport McMoRan Copper & Gold Inc.(NYSE:FCX), and Southern Copper Corp.(NYSE:SCCO) are two of the leading copper producers in the world and this interest rate increase by the Chinese could effect these stocks in the near term. This morning Freeport McMoRan is trading higher by 0.37 cents to $118.54. Southern Copper stock is trading lower by 0.20 cents to $48.46. While these leading copper stocks are not being effected just yet this morning other commodity stocks are under pressure. BHP Billiton Ltd.(NYSE:BHP) which is a leading mining company that mines a diverse group of natural resources is trading lower by $1.22 to $91.10. It would be prudent to look at more leading commodity stocks to see if they are trading lower today due to the Chinese interest rate hike. These stocks may react more severely to rate increases by the Chinese.