It's been a disappointing past few months for shareholders of Rio Tinto Group (NYSE: RIO) and Freeport-McMoRan (NYSE: FCX). Although both metal mining stocks started 2023 on a bullish note, both have since peeled back from their late-January peaks. Freeport shares are down 20%, and Rio Tinto's stock is down just a little more.

The reasons for this weakness are understandable. Worldwide economic lethargy (and an outright economic slowdown in China) are taking a toll. So is the rising value of the U.S. dollar. Since prices of commodity metals like iron and copper are primarily priced in U.S. dollars, the currency's strength pushes metal prices lower, thus crimping the profitability of mining them.

The bigger picture for industrial metals is actually quite bullish, however, making the recent dips in Freeport-McMoRan and Rio Tinto shares a magnificent buying opportunity.

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Source Fool.com