Southern Copper (NYSE:SCCO) 주식

Southern Copper

Southern Copper Corp is an integrated producer of copper and other minerals and operates the mining, smelting, and refining facilities in Peru and Mexico. Its production includes copper, molybdenum, zinc, and silver. The company operates through the following segments: Peruvian operations, Mexican open-pit operations, and Mexican underground mining operations. It generates the majority of its revenue from the sale of copper and the rest from the sale of non-copper products, such as molybdenum, silver, zinc, lead, and gold. The company's geographical segments are The Americas, Europe, and Asia.

Washington,,Dc,-,February,2,,2023:,Rep.,Marjorie,Taylor,Greene

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마조리 테일러 그린 하원의원(공화당, 조지아주)은 주식 시장에 상당한 영향을 미쳤던 도널드 트럼프 대통령의 글로벌 관세 유예 발표 직전 및 당일에 자신이 주식을 대량으로 매입했다고 공개했다. 

마조리 테일러 그린 美하원의원, 트럼프의 상호관세 90일 유예 직전 대규모 주식 매입

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최근 가장 중요한 결정 중 하나로, 도널드 트럼프 대통령이 이번 주 초에 그의 행정부가 캐나다와 멕시코에서 수입하는 품목에 대한 관세를 시행할 것이라고 재확인했다. 이러한 고위급 움직임과 함께, 화요일에 행정부는 구리 및 기타 원자재 수입이 국가 안보와 경제에 미치는 영향을 분석할 수 있는 행정명령을 서명했다. 이후, 서던 코퍼(NYSE:SCCO)의 주가는 상승세를 보이고 있다.

옵션 코너: 구리 관세 우려로 인한 서던 코퍼의 실용적 거래 촉발

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바이킹 펀드 매니지먼트(Viking Fund Management)의 최근 13F 공시를 보면, 2024년 대선을 앞두고 일부 석유 기업 주식을 매도하는 등 3분기에 어떤 회사를 사고 팔았는지 확인할 수 있다. 13F 공시를 통해 보고한 포지션은 다음과 같다.

바이킹 펀드: 3분기에 대형 석유주 매각, 테슬라 포지션 절반으로 축소, 브로드컴 추가 매입

Southern Copper Corp

UBS analyst Myles Allsop maintains Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) with a Buy and lowers the price target from $120 to $100.

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UBS Maintains Buy on Southern Copper, Lowers Price Target to $100

Rep. Marjorie Taylor Greene (R-Ga.) disclosed her significant stock purchases made just before and on the day of President Donald Trump&#8216;s announcement to pause global tariffs. This announcement had a substantial impact on the stock market.
What Happened: Based on the information disclosed to the House, Greene bought stocks valued between $21,000 and $315,000 on April 8 and 9. On April 8, she also sold Treasury bills worth between $50,000 and $100,000, according to the<a href="https://www.benzinga.com/gov-trades/members/marjorie-taylor-greene" target="_blank" rel="noreferrer noopener">&nbsp;Benzinga Government Trades tracker.</a>
Greene&#8217;s stock purchases included shares in several companies, such as&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which has since appreciated by approximately 5%. She also invested in other tech firms, energy companies like&nbsp;Devon Energy Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), and pharmaceutical giant&nbsp;Merck &amp; Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>).
On April 8, Greene bought stocks in&nbsp;Palantir Technologies Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and&nbsp;Advanced Micro Devices, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>). These transactions occurred&nbsp;as government bond yields were&nbsp;on the rise amidst the tariff turmoil.
Here's a look at the stocks Greene purchased during the period:
<ul>
<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>)</li>
<li>Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</li>
<li>Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)</li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</li>
<li>Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>)</li>
<li>ASML Holding N.V (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>)</li>
<li>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>)</li>
<li>Cummins Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMI#NYSE">CMI</a>)</li>
<li>Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)</li>
<li>FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>)</li>
<li>JP Morgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</li>
<li>Merck &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</li>
<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>)</li>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</li>
<li>Palantir Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>)</li>
<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)</li>
<li>Southern Copper Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</li>
</ul>
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44805507/jensen-huang-praised-by-trump-nvidia-wouldnt-be-doing-500-billion-ai-infrastructure-commitment-w" target="_blank" rel="noreferrer noopener">Jensen Huang Praised By Trump: Nvidia &#8216;Wouldn&#8217;t Be Doing&#8217; $500 Billion AI Infrastructure Commitment Without Tariffs</a>
Why It Matters: Greene&#8217;s stock trades have raised eyebrows, especially considering the timing of her purchases. The trades coincided with former President Trump&#8217;s tariff pause announcement, which led to a significant surge in the stock market. 
This has led to calls for an investigation into potential insider trading related to President Trump&#8217;s market communications before the tariff pause announcement. Key Democratic lawmakers, including Rep. Adam Schiff (D-Calif.) and Sen. Elizabeth Warren (D-Mass.), have expressed concerns about possible corruption. Schiff and Warren pointed out a post on Truth Social where Trump<a href="https://www.benzinga.com/markets/25/04/44747573/adam-schiff-and-elizabeth-warren-call-for-investigation-into-possible-insider-trading-by-trump-allie"> encouraged buying stocks</a> just hours before the tariff pause announcement that sent markets soaring.
Rep. Hakeem Jeffries of New York&nbsp;urged a ban on stock trading by members of Congress following the revelation of Ms. Greene's investment activities. He told <a href="https://jeffries.house.gov/2025/04/14/leader-jeffries-we-are-going-to-hold-republicans-accountable-for-any-effort-to-dismantle-social-security/">MSNBC </a>on Monday, "We obviously have to continue to highlight why this is problematic."
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/tech/25/04/44804849/amazon-founder-jeff-bezos-once-made-his-grandmother-cry-trying-to-show-off-his-math-skills-that-day-his-gran" target="_blank" rel="noreferrer noopener">Amazon Founder Jeff Bezos Once Made His Grandmother Cry Trying To Show Off His Math Skills — That Day, His Grandfather Gave Him A Life-Changing Piece Of Wisdom</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Marjorie Taylor Greene Made Large Stock Purchases Ahead Of Trump's 90-Day Tariff Pause: Hakeem Jeffries Calls It 'Problematic'

JP Morgan analyst Rodolfo Angele maintains Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) with a Neutral and lowers the price target from $84 to $83.5.

JP Morgan Maintains Neutral on Southern Copper, Lowers Price Target to $83.5

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Shares of metals stocks are trading higher as stocks rebound amid overall market volatility as investors assess this week's tariff developments.

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Shares of metals stocks are trading lower, pulling back after surging Wednesday following President Trump's tariff pause announcement. The sector has been volatile amid trade war concerns.

Shares of metals companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

In the current session, Southern Copper Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) is trading at $88.89, after a 5.80% drop. Over the past month, the stock decreased by 1.38%, and in the past year, by 16.37%. With performance like this, long-term shareholders are more likely to start looking into the company's price-to-earnings ratio. 

<img src="https://www.benzinga.com/files/images/story/2025/1743688819_0.png" alt="Past Year Chart" />

<h3>Evaluating Southern Copper P/E in Comparison to Its Peers</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Compared to the aggregate P/E ratio of the 26.21 in the Metals &amp; Mining industry, Southern Copper Inc. has a lower P/E ratio of 21.97. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2025/1743688819_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

A Look Into Southern Copper Inc's Price Over Earnings

Often as we go through life we find the need for mum to be the word.
In 1967 a young Dusitn Hoffman was told in no uncertain terms that Plastics was the word.
According to the 1976 movie Grease was the word.
Today the word is tariff.
Wall Street and old Washington has gotten far more of this word than they expected or wanted since Donald Trump came into office.
Apparently, they thought then candidate Trump was kidding when he talked at length about his plans to use aggressive tariffs to reshape global trade policies bringing in revenue.
I am not a fan of tariffs and can find little historical evidence to suggest that this is a great idea, but I had little doubt that once elected President Trump would follow through on his strategy.
This has created a new equation for Wall Street to follow.
Tariffs announced=Risk off,
Tariffs delayed=Risk On.
One of the administrations' most recent tariff announcement has the potential to create an enormous amount of wealth for investors willing to buy in as&nbsp; stocks impacted by the new fees.
President Trump recently announced plans to impose 25% tariffs on copper imports.
Copper miners have sold off slightly, but I expect this to accelerate as the new taxes are actually implemented in the weeks ahead.
A steeper downturn will be a massive buying opportunity.
Copper is a backbone of the world we live in and has a wide range of uses.
Copper demand is not just growing – it is accelerating from multiple directions simultaneously. The traditional drivers remain intact: construction, manufacturing, and infrastructure in emerging markets like India and Southeast Asia continue to consume massive quantities. But what is really changing the game is the convergence of three unstoppable trends:
<ol start="1">
<li>The Energy Transition: EVs use 2.5-4x more copper than regular cars. Wind turbines? Packed with copper. Solar farms? Same story. Grid upgrades to handle all this new capacity? You guessed it – copper everywhere.</li>
<li>Data Infrastructure: The explosion of AI, data centers, and 5G is creating another copper-hungry monster that few analysts are properly accounting for.</li>
<li>Supply Constraints: Meanwhile, the world&#8217;s biggest copper mines in Chile and Peru are aging, facing lower ore grades, water shortages, and labor disputes. Getting new mines online takes 7-10 years even when everything goes right – which it rarely does.</li>
</ol>
According to multiple industry analyses, we are looking at potential copper deficits by the late 2020s that could hit 5-8 million tonnes annually by 2035. For perspective, the entire global copper market today is only about twenty-six million tons.
This is not just another commodity cycle. It is a structural shift that has copper being called &#8220;the new oil&#8221; for good reason.
Here are the three stocks that have the potential to deliver massive gains for patient aggressive investors :
Freeport-McMoRan (Ticker: FCX) The undisputed king of publicly traded copper producers. FCX boasts a globally diversified portfolio anchored by the legendary Grasberg mine in Indonesia – one of the highest-grade, lowest-cost operations on the planet.
What makes Freeport compelling:
<ul>
<li>Scale and resource depth unmatched among Western miners</li>
<li>Dramatically improved balance sheet with minimal debt</li>
<li>Strategic U.S. assets gaining importance as domestic supply becomes a national security concern</li>
<li>Cash flow machine with both base and variable dividends</li>
</ul>
The underground expansion at Grasberg is a multi-decade growth engine that should deliver high-grade copper at remarkably low costs. Management has shown admirable discipline, focusing on optimizing existing assets rather than splashy, overpriced acquisitions.
Southern Copper (Ticker: SCCO) If you are looking for pure copper leverage with massive reserves, Southern Copper is your play. With over seventy million tons of proven and probable reserves, SCCO has the longest mine life among major copper producers – we are talking decades of production visibility.
The Grupo México-controlled miner operates primarily in Peru and Mexico, with a fully integrated model spanning mining, smelting, and refining. Its growth pipeline could potentially increase production from around 950,000 tons to 1.5 million tons by 2030.
The company&#8217;s cost position is stellar, with copper cash costs typically below $1.00/lb. net of byproducts. This supports EBITDA margins that frequently exceed 50% – exceptional for a mining operation.
The main risk? Political and social license challenges in Peru, where the flagship Tía María project has been delayed for over a decade due to local opposition.
Lundin Mining (TSX:<a class="ticker" href="https://www.benzinga.com/stock/LUN#TSX">LUN</a>, OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) For those seeking a mid-tier option with solid upside, Lundin Mining deserves attention. This copper-focused diversified miner offers leverage to copper prices without the extreme market cap of the majors.
Lundin&#8217;s portfolio includes:
<ul>
<li>Candelaria (Chile): A flagship copper-gold mine producing steady cash flow</li>
<li>Chapada (Brazil): A copper-gold operation with expansion potential</li>
<li>Zinkgruvan (Sweden): A long-life zinc-lead-silver mine that adds diversification</li>
<li>Josemaria Project (Argentina): A major copper-gold development that could boost copper output by 30-40%</li>
</ul>
The Lundin family&#8217;s long-term presence ensures alignment with shareholder interests, and the company has a proven track record of value-accretive acquisitions. Its balance sheet remains in good shape, with moderate debt levels and strong cash generation.
The Big Picture Make no mistake: the copper market is not just facing a typical cyclical upturn. The combination of accelerating demand from electrification, green energy, and data infrastructure, coupled with chronic underinvestment in new supply, points to a potential shortage that could make the 2000s commodity supercycle look tame by comparison.
S&amp;P Global has called the coming copper shortage &#8220;unprecedented,&#8221; warning that without significant investments now, the world could face chronic undersupply just as clean energy and digital infrastructure deployment peaks.
Tariffs may hurt profit margins and stock prices in the short run but will not slow demand or magically create new supply.
Buying copper on down days or selling cash secured puts to back into the stocks (the ones that are optional) should be a winning strategy for investors willing to embrace volatility driven by the current word of the day.

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Under the Radar: Navigating the Copper Crunch Amidst Tariff Turbulence

Copper just blew past record highs, dismissing recent recession fears as stimulus optimism in China and potential U.S. tariffs spark a rush <a href="https://www.benzinga.com/markets/commodities">into the red metal.</a>
Copper futures traded at the New York Mercantile Exchange rallied 1.6% to $5.17 per pound on Tuesday, notching historical records. 
<h1 class="wp-block-heading">What's Fueling Copper's Relentless Climb?</h1>
Often dubbed &#8220;Dr. Copper&#8221; for its reputation as a proxy for global industrial health, the metal has surged as traders bet on a brighter economic outlook in China and react to tariff risks.
"Tariff threats, tightening supply, and stimulus-fueled optimism for an economic rebound in China have underpinned a rally in copper," said Adam Turnquist, chief technical strategist for LPL Financial. 
&#8220;Beijing's pro-growth agenda is beginning to show up in the economic data, evidenced by recent better-than-expected retail sales, industrial output, and fixed-asset investment,&#8221; he added.
Turnquist indicated markets are already "front-running" the potential copper tariff ordered under former President Donald Trump's direction, even though an official recommendation isn't expected until later this year.
Bloomberg data shows that between 100,000 and 150,000 metric tons of copper are en route to the U.S., the highest inbound volume on record. That flood of demand has pushed the COMEX copper premium over LME copper to its highest point ever, indicating intense physical buying interest in the U.S. market.
David&nbsp;Goldman, head of trading at Novion Global, also pointed to dollar weakness as a factor boosting copper prices. 
&#8220;Whilst LME&nbsp;copper&nbsp;is up around 14% from the start of the year, COMEX prices have seen a 27% jump, prompting traders and producers to move supplies to the US,&#8221; he said.
&#8220;The price squeeze is also being replicated on the Shanghai Futures Exchange, where the front month spread is trading at levels not seen since December 2023.&#8221;
<h1 class="wp-block-heading">China&#8217;s Recovery and Strategic Buying Add Fuel to the Fire</h1>
Adding further momentum is a shift in tone out of Beijing. Goldman Sachs analyst Daan Struyven said, "China sentiment has turned notably more positive" thanks to the government's focus on boosting household consumption, lower-than-expected U.S. tariffs and a surge of investor excitement around artificial intelligence.
Importantly, Struyven flagged reports that China's State Reserve Bureau plans to replenish copper stockpiles in 2025. While not purely opportunistic, this buying could cushion any price-sensitive demand drop in China. 
"We remain structurally bullish," said Struyven, who sees the LME's ongoing tightening and strong electrification trends driving prices higher in the months ahead.
<h1 class="wp-block-heading">Copper Chart Breaks Out — And So Do The Stocks</h1>
The price move has also broken a key technical level. 
According to LPL Financial's Turnquist, copper futures have surged past the highs of 2021–2022, completing a "head and shoulders" bottom pattern that hints at more upside ahead. 
Speculative flows are also favoring the bulls. Hedge funds and other large speculators have largely unwound their short positions, while long bets have picked up in recent months, supporting the momentum.
That enthusiasm has spilled into equity markets. Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), one of the world's largest copper producers, has climbed 13% in March, on track for its best monthly performance in a year. Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) is also up 12% over the same period, riding the wave of investor optimism.
Traders looking for broad copper exposure may consider the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which has historically showed strong rallies April. Over the past 15 years, the ETF has gained an average of 4.5% during the month — its strongest seasonal trend of the year.
Read Next: •<a href="https://www.benzinga.com/government/regulations/25/03/44463509/ukraines-recovery-depends-on-sustainable-investment-experts-call-for-trilateral-minerals-deal"> &#8216;Ukraine&#8217;s Recovery Depends On Sustainable Investment,&#8217; Experts Call For Trilateral Minerals Deal</a>
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Copper Breaks Records On China Stimulus, Tariff Hype: These Stocks Are Riding The Wave

Copper prices have surged above $10,000 per metric ton on the London Metal Exchange (LME) for the first time since October. On LME, copper has gained 14% year-to-date, while <a target="_blank" href="https://www.benzinga.com/topic/copper" rel="noreferrer noopener">U.S. copper futures</a> surged 26%.
The price differential widened to $1,200 per metric ton, creating arbitrage opportunities. Since copper futures result in physical delivery on maturity, buyers have scrambled to move supplies into the U.S.
Between 100,000 and 150,000 metric tons of copper will arrive in the U.S. in the coming weeks, potentially surpassing the monthly import record of 136,951 tons set in January 2022.
Leading commodity traders, including Trafigura, Glencore, and Gunvor, have aggressively rerouted shipments, with additional warehouse space being secured in New Orleans and Baltimore to handle the influx.
Still, the 12% differential between the domestic and foreign copper prices is around half of anticipated copper tariffs.
On February 25, President Donald Trump signed an executive action directing the U.S. Commerce Department to investigate copper imports on national security grounds. Leading institutions, including Goldman Sachs and Citigroup, responded, predicting a <a target="_blank" href="https://www.benzinga.com/news/guidance/25/03/44271394/goldman-sachs-sees-copper-imports-increasing-tariffs-as-fcx-positions-to-benefit" rel="noreferrer noopener">25% tariff</a> on imported copper by year-end.
"Copper's rise is being driven solely by supply concerns surrounding the potential for universal tariffs to be placed on all imports of copper into the US," Natalie Scott-Gray, a senior metals demand analyst at StoneX, <a target="_blank" href="https://x.com/neilksethi/status/1902053890079535258" rel="noreferrer noopener">said</a>, warning about the high reliance on foreign copper.
According to ING, in 2024, the U.S. imported <a target="_blank" href="https://think.ing.com/articles/industrial-metals-monthly-us-copper-tariff-risks-pull-more-metal-to-the-us/" rel="noreferrer noopener">850,000 tons</a> of refined copper, excluding scrap. Chile was the largest supplier, accounting for 41% of imports, while 27% came from Canada.
Despite efforts to increase local production, output has steadily declined, falling 3% in 2024 after an 11% drop in 2023. Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), the largest U.S. producer, has faced declining ore grades, environmental regulations, and permitting challenges, limiting the ability to ramp up domestic supply.
The firm's CEO, Kathleen Quirk, has called for Trump's administration to classify copper as a critical mineral, anticipating a $500 million windfall from tax credits tied to the Inflation Reduction Act. Quirk sees Freeport's domestic production growing by 8%, targeting an output of 225,000 metric tons, none of which will be exported.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44375055/trump-turns-to-beautiful-clean-coal-to-address-domestic-energy-demand" target="_blank" rel="noreferrer noopener">Trump Turns To ‘Beautiful, Clean Coal' To Address Domestic Energy Demand</a></li>
</ul>
Photo via Shutterstock

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Copper Surges As Arbitrage Opportunity Drives US Imports

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Shares of base metals stocks are trading higher amid overall market strength and as investors assess US tariffs on steel and aluminum.

Editor&#8217;s Note: The headline has been updated for clarity.
Goldman Sachs forecasts a surge in U.S. copper imports soon, driven by expectations of tariffs from President Donald Trump's <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">administration</a>.
Per Reuters' <a target="_blank" href="https://www.reuters.com/markets/commodities/goldman-sachs-anticipates-surge-us-copper-net-imports-2025-03-11/" rel="noreferrer noopener">report</a>, the investment bank expects a 25% duty on copper imports by year's end, incentivizing stockpiling to frontrun the legislative. As a result, U.S. net copper imports could surge by 50-100%, adding between 200,000 to 300,000 metric tons to domestic inventories by Q3.
If this projection materializes, U.S. copper stockpiles could swell from 95,000 tons to as much as 400,000 tons or around half of global reported inventories – leaving the international market at historically low inventory levels.
For 2025, Goldman sees a 180,000-ton global copper deficit as growing demand for electrification, economic stimulus measures in China, and slow mine growth materialize. The bank sees the supply imbalance more pronounced in the second half of the year as a catalyst for higher prices.
"We maintain our forecast that the LME three-month price will average $10,200 per ton in Q3 2024 and see the impact of inventory dislocation predominantly in timespreads," the bank noted. Current three-month copper contracts on the London Metal Exchange were trading at $9,528.50 per ton as of Wednesday morning.
The largest U.S. copper producer, Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), could benefit from this scenario, particularly if copper is classified as a critical mineral.
In a recent <a target="_blank" href="https://www.reuters.com/markets/commodities/ceraweek-freeport-sees-500-million-annual-boost-if-trump-declares-copper-2025-03-10/" rel="noreferrer noopener">interview</a>, CEO Kathleen Quirk expressed optimism that the Trump administration could make this move soon, unlocking the federal tax incentives to support domestic production.
"Having the incentives and clarity around those would be a big plus for the domestic copper industry," Quirk said. Such a designation would enable Freeport to claim more than $500 million annually in tax credits tied to the Inflation Reduction Act.
Freeport-McMoRan operates seven copper mines across the U.S. and one of two domestic copper smelters. The firm doesn't export any domestically produced copper, making it a key supplier in any scenario restricting imports.
However, production costs in the U.S. are higher than in Freeport's international operations due to lower ore grades, making policy support a crucial factor.
Per the <a target="_blank" href="https://mms.businesswire.com/media/20250122679192/en/2360933/1/FCX_250123_4Q_2024_Earnings_Release.pdf" rel="noreferrer noopener">latest guidance</a>, the company expects its U.S. copper production to increase by 8% in 2025, with further growth in subsequent years. Opportunities include doubling the concentrator capacity at its Bagdad operation in Arizona, which could add 200-250 million pounds of copper annually.
Quirk also hinted at a possible <a target="_blank" href="https://www.benzinga.com/25/03/44216408/dr-congo-explores-a-minerals-for-security-deal-with-the-us" rel="noreferrer noopener">return to the Democratic Republic of Congo</a>, where Freeport previously owned the Kisanfu copper-cobalt project before selling it to China Molybdenum in 2020. "We would be interested in going back for the right opportunity," she said, adding that Freeport would seek to be the operator of any project if it re-enters the DRC.
Price Watch: Freeport-McMoRan has declined 5.28% year-to-date. The stock is up 1.56% to $36.44 premarket at the last check on Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/03/44243837/iron-ore-production-to-accelerate-until-2030-study-says" target="_blank" rel="noreferrer noopener">Iron Ore Production To Accelerate Until 2030, Study Says</a></li>
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Photo via Shutterstock

Politics

Goldman Sachs Sees Copper Imports Increasing Ahead Of Tariffs As FCX Positions To Benefit (UPDATED)

Southern Copper shares are trading higher after UBS upgraded the stock from Neutral to Buy.

UBS analyst Myles Allsop upgrades Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) from Neutral to Buy and maintains the price target from $120 to $120.

Upgrades

UBS Upgrades Southern Copper to Buy, Maintains Price Target to $120

ASPI

MEOH

MERC

PACK

Shares of companies within the broader materials sector are trading lower amid economic worries driven by tariffs and trade policies. Investors may be expecting a decline in investment, which may also be weighing on the industry.

Scotiabank analyst Alfonso Salazar maintains Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) with a Sector Underperform and raises the price target from $52 to $72.

Scotiabank Maintains Sector Underperform on Southern Copper, Raises Price Target to $72

After trending lower for the past two weeks, shares of Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) are staging a rebound Wednesday. The stock has been under pressure due to concerns over how <a href="https://www.benzinga.com/markets/equities/25/03/44133917/trumps-says-little-disturbance-possible-due-to-tariffs-in-speech-to-congress-as-gm-tesla-energy-stocks-lift-in-after-hours-trading-auto-industry-to-absolutely-boom">the new tariffs</a> will affect its profitability.
Some traders have lost money as they have been guessing where the selloff ends and bought too early. But there are savvy traders who bought at the bottom on Tuesday. They let the market tell them where to place their orders. This is why Southern Copper is our Stock of the Day.
If understood and applied correctly, technical analysis is the study of investor and trader psychology. It is psychology and emotions that create patterns that appear on charts.
Read Also: <a href="https://www.benzinga.com/general/market-summary/25/03/44146094/wall-street-awaits-trumps-tariff-decision-digests-mixed-economic-data-whats-driving-markets-wednesday">Wall Street Awaits Trump&#8217;s Tariff Decision, Digests Mixed Economic Data: What&#8217;s Driving Markets Wednesday?</a>
For example, one of the main reasons why support forms in markets is because of people who regret selling. They sell, but if the price moves higher, they decide to buy their shares back…if they can buy them at the same price they were sold for.
As a result, if the stock reverses and eventually returns to the selling price they place buy orders. If there is a large number of remorseful sellers placing buy orders around the same level, it can cause support to form.
You can see on the chart that the $86.00 level was resistance for Southern Copper in August 2023 and January 2024. When the price initially trended lower after, sellers thought they a good decision to sell.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="528" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05155839/image-18-1024x528.png" alt="" class="wp-image-811030" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05155839/image-18-1024x528.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05155839/image-18-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05155839/image-18-768x396.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05155839/image-18-1536x792.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05155839/image-18.png 1582w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
In March 2024 the resistance broke and the shares ripped higher. When this happened a number of these sellers thought that selling was a mistake. They vowed to buy their shares back if they could do so around the price they were sold at.
So on Tuesday when the price dropped to around $86.00, these remorseful sellers entered the market as buyers. This large concentration of buy orders created support at the price that had previously been resistance.
If a stock is trending lower and a trader is considering buying it, they should identify former resistance levels. There is a good chance the stock may find support and reverse off of it as Southern Copper has.
Read Next: <a href="https://www.benzinga.com/25/03/44149983/feds-beige-book-shows-slight-growth-consumer-spending-decreased">Fed&#8217;s Beige Book Shows Slight Growth: Consumer Spending Slips As Prices Rise</a>
Photo: Shutterstock

Technicals

Topics

Stock Of The Day – Southern Copper Chart Tells Savvy Traders What To Do

ICOP

Shares of copper stocks are trading higher after US President Donald Trump reportedly suggested imports of the metal could be subject to a 25% tariff. Copper is now trading at a 9-month high.

BSLK

CRKN

CRML

CTVA

FEAM

MATV

NITO

TROX

Shares of companies in the broader materials sector are trading lower amid overall market uncertainty after President Trump confirmed March 4 tariffs.

Easily one of the most consequential decisions in recent memory, President Donald Trump reaffirmed earlier this week that his administration will <a href="https://www.benzinga.com/news/global/25/02/43926015/trump-confirms-tariffs-on-canada-mexico-will-take-effect-as-planned">proceed with tariffs on imports</a> from Canada and Mexico. Within this high-level action, the administration also signed an executive order on Tuesday which authorizes an analysis on the national security and economic impact of imports of <a href="https://www.nytimes.com/2025/02/25/us/politics/trump-tariffs-copper.html">copper</a> and other commodities. Subsequently, Southern Copper Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) has been marching higher.
Fundamentally, as the New York Times reported, the investigation will help determine the net viability of tariffs applied on copper. A critical commodity, the manufacturing and construction industries widely use the metal. It's also a critical component for the U.S. military. Perhaps most pertinent to the current ecosystem, copper represents one of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43432736/copper-stocks-on-shaky-ground-jpmorgan-analysts-say-tariffs-deepseek-cloud-outlook">unsung heroes of artificial intelligence</a>.
While such a notion may sound odd at first blush, a drop in demand for the commodity represented one of the less-discussed anxieties tied to the DeepSeek impact, the Chinese AI model that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43239042/magnificent-seven-broadcom-lose-nearly-900-billion-in-value-as-deepseek-sparks-ai-carnage-why-this-expert-is-still-bullish-on-us-tech">roiled the tech sector</a> in late January. Data centers fuel copper demand so a paradigm shift in machine intelligence could have significant implications for its supply chain.
To be completely transparent, the narrative for SCCO stock isn't completely bullish. For one thing, the copper tariffs may never materialize, which could sink momentum. Second, even if tariffs occur, it's not clear that such an action would be positive. One of the lessons from Trump 1.0 is that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43432736/copper-stocks-on-shaky-ground-jpmorgan-analysts-say-tariffs-deepseek-cloud-outlook">tariffs ultimately hurt copper stocks</a>.
<h2 class="wp-block-heading">Technical and Statistical Backdrop Could Gently Push SCCO Stock Higher</h2>
Although the long-term prospects for SCCO stock remain up in the air, intrepid traders can potentially front run tomorrow's headlines. Effectively, the idea is to leverage the concept colloquially known as <a href="https://www.benzinga.com/markets/equities/24/07/39743338/s-p-500-to-plunge-more-than-20-near-term-top-economist-breaks-down-broader-market-vs-small-cap-d">buy the rumor, sell the news</a>. Enticingly, those tempted to engage this trading idea may have supporting arguments from technical analysis and statistical tendencies.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="593" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142736/SCCO-stock-technical-analysis-1024x593.jpg" alt="" class="wp-image-800158" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142736/SCCO-stock-technical-analysis-1024x593.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142736/SCCO-stock-technical-analysis-300x174.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142736/SCCO-stock-technical-analysis-768x444.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142736/SCCO-stock-technical-analysis.jpg 1030w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by TradingView</figcaption></figure>
First, it's possible that SCCO stock is currently charting a pattern reminiscent of a <a href="https://www.benzinga.com/money/stock-chart-patterns">bullish pennant formation</a>. Market technicians will almost certainly argue that the current pattern doesn't meet the criteria of a "classic" pennant. Admittedly, it's not the strongest argument for optimism in Southern Copper. That said, it's intriguing that a formation resembling a pennant has materialized amid a key fundamental development.
Second and more convincing — at least to some traders — is the statistical framework. Using pricing data going back to January 2019, SCCO stock demonstrates an upward bias. A position entered at the beginning of the week has a 52.34% chance of rising by the end of it. Over the next eight weeks, the long odds rise to 57.32%.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142805/SCCO-stock-probability-gambit-1024x576.jpg" alt="" class="wp-image-800159" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142805/SCCO-stock-probability-gambit-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142805/SCCO-stock-probability-gambit-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142805/SCCO-stock-probability-gambit-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26142805/SCCO-stock-probability-gambit.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by author</figcaption></figure>
It's also worth noting that these probabilities don't shift materially under dynamic conditions. Specifically, SCCO stock lost 4.4% last week. Historically, though, when SCCO loses up to 5% in a one-week period, bullish probabilities have a tendency of pushing forward relative to the baseline. For instance, in the subsequent week following modest volatility, SCCO's long odds rose to 56.64%, a small but noticeable improvement over 52.34%.
<h2 class="wp-block-heading">Two Possible Approaches To Consider</h2>
By law, the commerce secretary, Howard Lutnick, who will spearhead the aforementioned economic analysis on foreign copper, has 270 days to present a report to the president. However, the New York Times mentioned that Peter Navarro, a senior counselor for trade and manufacturing, stated that Lutnick would move "in Trump time, which is as quickly as possible."
Of course, traders must then speculate as to what that will actually mean. For those who are thinking short term, there are two avenues available.
The first avenue is the riskiest, which involves a <a href="https://www.benzinga.com/money/bull-spread">bull call spread</a> for the options chain expiring March 21. Assuming the positive scenario, the median return over a three-week period will land somewhere in the neighborhood of 5.5% or potentially a bit higher. Based on an estimated price of $94, this projection would translate to an upside target in the neighborhood of $100.
With that in mind, extremely aggressive traders could target the 97.50/100 bull spread. This transaction involves buying the $97.50 March 21 call at an ask of $285 and selling the $100 March 21 call at a bid of $165. The trader uses the proceeds from the short call to partially offset the debit paid for the long call, leading to a net debit of $120. The maximum payout should SCCO reach $100 or above at expiration is $130, or 108.33%.
The other idea, which is still wildly risky, is to consider the 100/105 bull call spread for the options chain expiring April 17 (the Friday of that week is a <a href="https://www.nyse.com/markets/hours-calendars">holiday</a>). Over an eight-week period — assuming the current week as the first — the positive scenario has historically demonstrated a median return of 13.14%, projecting SCCO stock to hit $106.35.
Therefore, it's theoretically reasonable to believe that SCCO has a chance to hit the $105 short strike price target at expiration. However, a lot of things have to go right over the next several weeks.

Options Corner: Copper Tariff Fears Spark Pragmatic Trade In Southern Copper

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