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Copper spent two years as the least interesting story in the commodity complex. Gold took the headlines. Semiconductors took the capital. Copper just kept grinding higher, until COMEX futures printed a record above $6.70 a pound in August. Prices have eased back since as rising oil and bond yields pressured the demand outlook, but the trend has not broken.

The record is not the interesting part. The arithmetic underneath it is. Demand from data centers, grid replacement, electric vehicles and defense budgets is compounding at the same moment mine supply is capped by falling ore grades and permitting timelines measured in decades. That is not a problem price solves quickly, and it lands directly on the income statements of the companies pulling copper out of the ground.

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Copper's Supply Problem Is Structural, Not CyclicalRoss Givens, lead strategist at Traders Agency, treats copper as a three-to-five-year position rather than a trade. He is a technician by habit, sizing entries off consolidation patterns and signs of quiet accumulation instead of headlines, and he walks members through that read live each week inside his Black Ops Trading Club. Applied to copper, his framing is that the AI buildout got priced into the obvious names first. NVIDIA NASDAQ: NVDA is already the most valuable company in the world. The physical layer underneath it never drew the same money, even though none of it gets built without wires, transformers and substations.

The tightness is measurable. The U.S. Geological Survey estimates miners have pulled roughly 700 million metric tons of copper out of the ground across all of recorded history. S&P Global has cited industry estimates that the world needs to mine that much again inside about 22 years just to hold baseline growth, and that figure ignores electrification entirely. Ore grades are working against that math, having fallen roughly 40% globally since 1991. Work compiled by analyst Thierry von Arvy shows supply flattening early next decade while demand keeps climbing. New mines take well over a decade from discovery to production, so no amount of drilling closes the copper supply deficit inside this one.

The Futures Curve Is Signaling a Physical Copper ShortageFutures curves normally slope upward, because storage and financing cost money. Copper's has inverted, a condition traders call backwardation, and it means buyers are paying a premium to take metal today rather than wait for December delivery. Nobody does that for something sitting available in a warehouse.

Backwardation steepened sharply across Western exchanges this year as traders rerouted metal into U.S. warehouses ahead of the possibility that refined cathode gets swept into the tariff regime. Once that copper lands in a bonded warehouse, it is effectively stuck there, which drains the rest of the world even while domestic inventories swell. A surplus that looked comfortable on paper a year ago now reads as balanced at best outside the United States, and closer to a deficit if the flows hold.

Freeport-McMoRan Offers the Cleanest Operating LeverageFreeport-McMoRan Today

FCX

Freeport-McMoRan

$76.60 +3.88 (+5.33%)

As of 09/8/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$35.15▼

$80.240.39%

37.74

$70.27

Freeport-McMoRan NYSE: FCX is the largest U.S.-listed name in the group and the biggest domestic producer of refined copper, holding stakes in Grasberg, Cerro Verde and Morenci. Shares set a record close in late August and trade in the upper end of their 52-week range, with institutions holding four-fifths of the float.

The reason miners move harder than the metal is operating leverage. All-in sustaining costs are largely fixed once a mine is running, so every incremental dollar in the copper price falls toward the margin line. Freeport's first-half net income climbed 65% year-over-year on that dynamic, with U.S. mining operations more than doubling their operating income contribution. Givens argues the market is valuing the company on today's copper price rather than the one he expects.

Hudbay Minerals and Trekor Metals Add Torque to the Copper TradeHudbay Minerals NYSE: HBM is the mid-cap version of the same exposure, anchored by Copper Mountain in British Columbia alongside operations in Peru. It posted record trailing-12-month adjusted EBITDA last quarter.

Taseko Mines Today

TGB

Taseko Mines

$8.90 +0.45 (+5.33%)

As of 09/8/2026 04:10 PM Eastern

$3.37▼

$9.82445.22

$9.00

Trekor Metals NYSEAMERICAN: TGB, renamed from Taseko Mines in June, is the small-cap.

Gibraltar carries the production base, and Florence Copper in Arizona poured first cathode in February, turning the company into a two-mine producer with a domestic asset at a moment when Washington is pushing hard on home-grown supply chains.

Institutional ownership thins out moving down that list, which Givens reads as a constraint on large funds rather than a verdict on the businesses.

For broader exposure, the Global X Copper Miners ETF NYSEARCA: COPX has nearly doubled over the past year.

Where the Copper Trade Could Break DownSouthern Copper Today

$209.02 +10.26 (+5.16%)

As of 09/8/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$99.87▼

$223.882.11%

30.56

$146.84

Not everyone treats this price as a clean read on demand. Some analysts argue a meaningful slice of the move is a policy premium tied to tariff uncertainty rather than consumption, and that a final ruling could cool prices simply by ending the guessing. Stanley Druckenmiller's Duquesne Family Office added to Southern Copper NYSE: SCCO last quarter, though he has publicly favored the metal itself over the equities.

Execution risk also separates these three. Freeport's copper is already coming out of the ground. Trekor's valuation leans on a ramp that still has to hit its numbers, and the smallest name falls hardest if copper stalls.

Watch the spread between spot and December delivery. As long as buyers keep paying up for metal today, the shortage is real, and copper mining stocks stay leveraged to it.

Should You Invest $1,000 in Freeport-McMoRan Right Now?Before you consider Freeport-McMoRan, you'll want to hear this.

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Key Takeaways Southern Copper's operating cash flow jumped 116.9% to $3.68 billion in the first six months of 2026.SCCO expects copper production to reach 917,000 tons in 2026 despite a 3.8% H1 decline.Rising metal prices and ongoing cost controls position Southern Copper for further cash flow gains. Southern Copper Corporation (SCCO - Free Report) delivered a solid 116.9% year-over-year surge in the operating cash flow in the first six months of 2026 to $3.68 billion. Southern Copper’s strong cash generation is driven by higher sales and a $718.5-million reduction in operating assets and liabilities requirements.

The company also benefited from its cash cost decrease, which was driven by a 68.2% year-over-year rise in by-product revenue credits. Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while capital investments totaled $864.7 million.

Over the past few years, Southern Copper has successfully lowered its debt levels. Long-term debt was $7.99 billion at the end of June 30, 2026, following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations.

In July 2026, the board authorized a $1.10-per-share cash dividend plus a stock dividend of 0.012 shares per common share, reflecting continued capital returns alongside higher investment spending.

The company’s copper production declined 3.8% year over year to 461,206 tons in the first half of 2026 due to a decrease in production at the company’s Peruvian operations. Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons.

The figure still implies a 5% year-over-year decline. Nonetheless, Southern Copper maintains a strong long-term outlook with production expected to increase to 1.6 million tons by 2033 or 2034.

Moreover, copper prices are currently near $6.6 per pound, up 47% in a year, supported by tight global supply and strong demand. Along with SCCO, its peers Teck Resources Ltd (TECK - Free Report) and Freeport-McMoRan Inc. (FCX - Free Report) are gaining from this rise in copper prices. Higher prices for molybdenum, zinc and silver will also aid growth.

The rally in metal prices this year and its ongoing cost control efforts position the company for further cash flow gains in the months ahead.

Southern Copper Peers’ Cash Flow PerformanceTeck Resources’ cash flow from operating activities improved to C$2.74 billion ($1.98 billion) in the first half of 20206 from a cash outflow of C$427 million ($309 million). Teck Resources ended the second quarter 2026 with C$6.05 billion ($4.38 billion) in cash and cash equivalents, and liquidity of C$10.3 billion ($7.5 billion). 

Teck Resources’ copper segment’s revenues surged 85% year over year, driven by higher copper prices and sales volumes. This pushed the company’s top line to $2.6 billion, marking a 78% year-over-year rise.

Freeport-McMoRan’s cash flow from operations increased to $3.68 billion in the first half from $1.69 billion in the prior year. Freeport-McMoRan ended the second quarter with strong liquidity, including $4.1 billion in cash and cash equivalents, $3 billion in availability under the Freeport revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.

However, revenues declined 7.3% year over year to $7.03 billion in the second quarter of 2026. Freeport-McMoRan’s copper production fell 18.4% year over year to 786 million pounds in the reported quarter.

SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have gained 40.7% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 28.9%. During this time, the Basic Materials sector has risen 22.1% and the S&P 500 has rallied 13.2%.   

Image Source: Zacks Investment Research

The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 27.80X, which is a premium to the industry average of 23.62X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.59 per share, suggesting a rally of 44.8%.

The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.5%.

Earnings estimates for 2026 have moved 0.4% south over the past 60 days, while the same for 2027 have moved down 0.1% over the past 60 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.  

Investors looking to capitalize on the artificial intelligence infrastructure boom have increasingly turned to basic materials, and industrial metals—copper chief among them—are having a moment few saw coming even a year ago. What started as a trade-policy story has fused with a structural demand story, and the combination is rewriting price records almost weekly.

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Copper Prices Rise on Tariffs and AI Infrastructure DemandComex copper touched a fresh all-time high above $6.72 per pound in late August, and the metal has continued to trade near those levels into September. Two forces are doing the heavy lifting.

First, there's the current tariff policy. Washington imposed a 50% Section 232 tariff on semi-finished copper products and copper-intensive derivatives in 2025, later expanding the rate structure in April 2026, while leaving refined cathode largely exempt—for now.

That exemption has been enough to trigger a scramble. Traders have spent months rerouting metal into U.S. warehouses ahead of the possibility that refined copper will eventually be swept into the tariff policy, and Comex inventories have ballooned to levels that would have seemed unthinkable two years ago.

The catch is that once copper lands in a bonded U.S. warehouse, it's largely stuck there. So what was supposed to be a comfortable global surplus has effectively been drained from the rest of the world. Analysts at CRU, who had projected a healthy 2026 surplus, now describe the non-U.S. market as balanced at best, with some warning it could look like an outright deficit if the flows continue.

Second, and less reversible, is demand. Data centers have become a source of copper demand that doesn't flex with price the way industrial buying usually does. Hyperscalers need the wiring, bus bars, and cooling infrastructure regardless of what copper costs per pound.

That's a new kind of buyer for a market that used to take its cues almost entirely from construction and manufacturing cycles. Layer on grid modernization and electrification, and you have a demand base that's structurally higher even before the tariff-driven stockpiling is factored in.

Freeport-McMoRan Offers Direct Exposure to Rising Copper PricesFreeport-McMoRan NYSE: FCX is the most direct U.S.-listed proxy for copper prices and the largest domestic producer of refined copper. That means it stands to benefit most if the exemption narrows.

Freeport-McMoRan Today

FCX

Freeport-McMoRan

$74.24 +1.77 (+2.44%)

As of 11:12 AM Eastern

This is a fair market value price provided by Massive. Learn more.

$35.15▼

$80.240.40%

36.68

$70.27

The FCX chart confirms that story. Shares have run from the low $40s a year ago to the mid-$70s, with the 50-day moving average now trending firmly upward and MACD back in bullish territory after a rocky spring.

Q2 2026 net income attributable to common stock came in at $984 million, or 68 cents per share. That pushed first-half net income up 65% year-over-year, even as headline revenue slipped to $7.03 billion from $7.58 billion a year earlier. That decline was driven by lower Indonesian gold and copper volumes during the phased Grasberg Block Cave ramp-up, not by weaker pricing.

Realized copper prices averaged $6.17 per pound in the quarter, and U.S. mining operations more than doubled their operating income contribution versus the first half of 2025, underscoring just how much of FCX's earnings power is now coming from the domestic side of the business, which the tariff regime is designed to protect.

Southern Copper Combines Low Costs With Copper Price LeverageSouthern Copper Today

$205.38 +3.77 (+1.87%)

As of 11:12 AM Eastern

This is a fair market value price provided by Massive. Learn more.

$98.40▼

$223.882.14%

30.10

$146.84

Southern Copper NYSE: SCCO is the low-cost operator of the group, and its Q2 2026 numbers underline why. Revenue rose roughly 41% year-over-year to $4.29 billion, while net income jumped more than 70% to $1.67 billion.

Byproduct credits from silver, molybdenum, and zinc have been the real story. They pushed operating cash cost per pound of copper down to just a nickel, from 63 cents a year earlier. That's a cost structure in which margin expansion accelerates disproportionately as copper prices climb, since so little of the cost base remains exposed once byproducts are netted out.

The chart shows that investors understand the benefits of the company's operating leverage. SCCO has more than doubled off its spring lows and set a fresh record above $220 in late August before pulling back slightly.

BHP Gives Investors Diversified Exposure to the Copper BoomBHP Group Today

$93.86 +1.04 (+1.12%)

As of 11:12 AM Eastern

This is a fair market value price provided by Massive. Learn more.

$51.83▼

$98.713.08%

$78.00

BHP Group NYSE: BHP is the diversified pick, and for readers who are less risk-tolerant, it's arguably the easiest entry point into the copper thesis.

For the first time in the company's history, copper generated more than half of BHP's underlying EBITDA in fiscal 2026, about 54%, or roughly $18 billion, overtaking iron ore as the group's largest earnings contributor.

Underlying attributable profit rose 30% to $13.2 billion for the year. BHP's chart shows the same steady uptrend as its pure-play peers, climbing from the high $50s a year ago to near $96, though it's pulled back modestly from its late-August peak alongside the rest of the group. The tradeoff for investors is that while BHP is less tethered specifically to copper, it means it has a lower concentration risk than the other names on this list.

Copper’s Rally Faces a Risk From Tariffs and Policy UncertaintyNot everyone treats $6.70 copper as a clean read on global growth. Some analysts note the price carries a real "policy premium" tied to tariff uncertainty and the rush to beat any rule change, rather than reflecting pure consumption strength.

Glencore's CEO has even argued that a final tariff decision, whichever way it goes, could take some of the heat out of prices simply by ending the uncertainty. The fundamentals (AI-driven demand, mine supply constraints, grid buildout) are real and durable, but part of today's price also reflects a timing trade that could unwind once the tariff picture clarifies.

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Key Takeaways SCCO posted record Q2 revenues and EBITDA despite a 3.6% decline in copper production.TECK's Q2 adjusted EBITDA surged 204% on stronger pricing, higher volumes and increased by-product gains.TECK's Anglo merger targets 1.2M tons of annual copper output, rising to 1.35M by 2027. Southern Copper Corporation (SCCO - Free Report) and Teck Resources Limited (TECK - Free Report) are two prominent diversified base metals miners with significant copper production. Both SCCO and TECK are gaining from the surge in commodity prices.

Copper prices are currently near $6.55 per pound, up 48.2% in a year, after hitting record highs above $6.80 in early August 2026. The upside is supported by tight global supply and strong demand.

For investors seeking to ride this momentum, the question is: which stock offers better value? Let us examine the fundamentals, growth prospects and challenges for Southern Copper and Teck Resources.

The Case for SCCOPhoenix, AZ-based Southern Copper engages in mining, exploring, smelting, and refining copper and other minerals. Southern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru. Backed by its constant commitment to increasing low-cost production and growth investments, the company is well-poised to continue delivering enhanced performance.

SCCO delivered an adjusted EBITDA of a record $2.86 billion in the second quarter of 2026, marking a year-over-year upside of 59.5%. Southern Copper’s second-quarter revenues increased 40.6% to a record $4.29 billion. Net income attributable to SCCO also surged 71.6% year over year to a record $1.67 billion. The net income margin improved to 38.9% from 31.9% in the year-ago period.

However, SCCO’s total copper production decreased 3.6% in the second quarter of 2026 to 232,521 tons due to a decrease in production at the company’s Peruvian operations. While mined silver production fell 3.8%, zinc and molybdenum production fell 14.5% and 11%, respectively, in the same time frame.

Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, still implies a 5% year-over-year decline. The downside will be led by lower ore grades at the Cuajone and Peruvian mines. Nonetheless, Southern Copper maintains a strong long-term outlook with production expected to increase to 1.15 million tons by 2031, 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6-million-ton target by 2035.

This trajectory highlights SCCO’s confidence in its robust and diversified project pipeline spanning Peru and Mexico. The key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline.

The Case for TECKVancouver, Canada-based Teck Resources is committed to mining and mineral development with business units focused on copper and zinc. Teck Resources is a significant copper producer in the Americas, with four operating mines in Canada, Chile and Peru, and development projects in North and South America. Its main projects are Highland Valley Copper in Canada and Antamina, Quebrada Blanca (“QB”) and Carmen de Andacollo in South America.

As part of its long-term growth strategy, Teck Resources has entered a merger agreement with Anglo American plc to form the Anglo Teck group. It will have more than 70% exposure to copper and is set to be among the top five global copper producers. The new company will consist of six world-class copper assets and premium iron ore and zinc operations with a combined annual copper production of 1.2 million tons. It is projected to grow 10% to 1.35 million tons by 2027. The combined company will also be one of the world's largest zinc producers. The deal is expected to yield $800 million in annual pre-tax synergies within four years of completion.

In the second quarter of 2026, Teck Resources’ adjusted EBITDA surged 204% year over year to CAD$2.2 billion ($1.59 billion), reflecting stronger realized pricing, higher volumes and increased by-product contribution. The Copper segment’s revenues surged 85% year over year, driven by higher copper prices and sales volumes. This pushed the company’s top line to $2.6 billion, marking a 78% year-over-year rise.

However, the company's Red Dog production fell to 112,000 tons in the second quarter of 2026 from 136,600 tons a year earlier as grades declined in line with the mine plan. The 2026 zinc production guidance is 410-460 thousand tons, whereas it produced 565 thousand tons in 2025. Lower grades are expected through 2028 as the Qanaiyaq pit is expected to be depleted in 2026.

Nonetheless, the company maintains its 2026 copper production guidance of 455-530 thousand tons, whereas it produced 453.5 thousand tons in 2025. This will be driven by higher output at QB, Highland Valley Copper and Antamina. The long-term outlook for copper is positive as demand is expected to grow, partly driven by electric vehicles, renewable energy and infrastructure investments.

Teck Resources continues to advance projects toward sanction readiness while prioritizing Quebrada Blanca and the Highland Valley Copper Mine Life Extension. Highland Valley construction progressed in the second quarter of 2026, with detailed engineering about 95% complete and procurement nearly complete. The project is expected to extend mine life to 2046 and support average annual copper production of about 132,000 tonnes.

Zafranal secured legal authorization in May 2026 to construct processing facilities, while work continues on permitting, land access and business-case improvements. San Nicolás received its land-use-change permit in July 2026, although additional permits remain necessary before construction. Detailed engineering and infrastructure work continues at San Nicolás. These factors improve project readiness and preserve a pathway for long-term copper growth, subject to disciplined capital allocation and final sanction decisions.

How Do Estimates Compare for SCCO & TECK?The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.61 per share, suggesting a rally of 45.2%. The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.2%. Earnings estimates for 2026 have moved south over the past 60 days, while the same for 2027 have moved up. 

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for TECK’s 2026 sales is $10.44 billion, indicating a 35.4% year-over-year jump. The consensus mark for the year’s earnings is pegged at $3.58 per share, suggesting a year-over-year surge of 62%. The Zacks Consensus Estimate for 2027 earnings suggests a fall of 15.9%. The estimates for 2026 and 2027 have been trending north over the past 60 days.

Image Source: Zacks Investment Research

SCCO & TECK: Price Performance & Valuation ComparisonsIn the past six months, the SCCO stock has gained 0.4% and TECK has risen 15.5%.  

Image Source: Zacks Investment Research

SCCO is currently trading at a forward 12-month earnings multiple of 29.75X, higher than its five-year median. TECK is currently trading at a forward 12-month earnings multiple of 22.74X, higher than its five-year median.

Image Source: Zacks Investment Research

SCCO or TECK: Which Is the Better Pick?SCCO is poised to benefit from higher metal prices and increased revenues. The company’s long-term growth remains solid. However, near-term production headwinds remain concerning.

Teck Resources is also benefiting from a strong price environment and project pipeline expansion. The company’s long-term growth looks promising with the planned merger agreement with Anglo American plc to form the Anglo Teck group. Even though near-term zinc in concentrate production at Red Dog has been impacted by operational issues, it will be offset by long-life assets and growth projects.

Given these factors, TECK seems a better pick for investors than SCCO currently. A lower valuation and positive revisions to earnings estimates support our thesis.

Both stocks currently have a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bamco Inc. NY bought a new stake in Southern Copper Corporation (NYSE:SCCO – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,203 shares of the basic materials company’s stock, valued at approximately $907,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Southern Copper during the 2nd quarter valued at $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in shares of Southern Copper during the second quarter worth $696,621,000. State Street Corp increased its holdings in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock valued at $410,646,000 after purchasing an additional 66,268 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after buying an additional 7,194 shares during the period. Finally, Bank of America Corp DE bought a new position in Southern Copper during the second quarter worth about $318,448,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Analyst Ratings Changes A number of analysts recently weighed in on the stock. UBS Group reiterated a “sell” rating and issued a $158.10 price target (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Scotiabank reissued an “underperform” rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Citigroup reissued a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research report on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $146.84.

Read Our Latest Stock Analysis on Southern Copper Southern Copper Stock Performance Shares of SCCO stock opened at $216.79 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper Corporation has a 52 week low of $92.94 and a 52 week high of $223.88. The company’s 50 day moving average price is $184.25 and its two-hundred day moving average price is $183.72. The company has a market capitalization of $180.87 billion, a P/E ratio of 31.69, a price-to-earnings-growth ratio of 1.83 and a beta of 1.11.

Southern Copper (NYSE:SCCO – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were issued a dividend of $1.10 per share. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.0%. Southern Copper’s dividend payout ratio is currently 64.33%.

Insider Activity at Southern Copper In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the sale, the director directly owned 1,723 shares in the company, valued at $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 509 shares of company stock valued at $97,753 in the last 90 days. Insiders own 0.07% of the company’s stock.

Southern Copper Profile (Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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B. Metzler seel. Sohn & Co. AG bought a new position in Southern Copper Corporation (NYSE:SCCO – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 30,217 shares of the basic materials company’s stock, valued at approximately $5,266,000.

A number of other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Southern Copper during the 2nd quarter worth approximately $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in Southern Copper in the second quarter valued at approximately $696,621,000. State Street Corp grew its holdings in Southern Copper by 2.4% during the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after acquiring an additional 66,268 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Southern Copper by 0.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock worth $363,873,000 after acquiring an additional 7,194 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Southern Copper by 8.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock valued at $169,480,000 after purchasing an additional 90,237 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth Several equities analysts have commented on SCCO shares. Weiss Ratings upgraded shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. UBS Group restated a “sell” rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Morgan Stanley lifted their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Finally, Wall Street Zen downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and a consensus target price of $146.84.

Check Out Our Latest Analysis on Southern Copper Southern Copper Stock Performance NYSE SCCO opened at $216.30 on Friday. Southern Copper Corporation has a twelve month low of $92.94 and a twelve month high of $223.88. The business’s 50-day moving average price is $182.23 and its 200 day moving average price is $183.20. The company has a market capitalization of $180.47 billion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63.

Southern Copper (NYSE:SCCO – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, research analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current year.

Southern Copper Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a $1.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.0%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is currently 64.33%.

Insider Buying and Selling In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director owned 1,723 shares of the company’s stock, valued at $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 509 shares of company stock worth $97,753. 0.07% of the stock is currently owned by company insiders.

(Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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Key Takeaways Southern Copper's Q2 adjusted EBITDA jumped 59.5% y/y as higher prices and cost-control lifted results.Copper prices near $6.6 per pound and higher metal prices could support further EBITDA gains.Southern Copper raised its 2026 copper output forecast to 917,000 tons despite lower ore grades. Southern Copper Corporation (SCCO - Free Report) delivered an adjusted EBITDA of a record $2.86 billion in the second quarter of 2026, marking a year-over-year upside of 59.5%. As a result, Southern Copper's adjusted EBITDA for the first half of 2026 jumped 57.5% year over year to $5.57 billion, expanding the adjusted EBITDA margin from 57.3% last year to 65.2%. The upside was driven by higher metal prices, disciplined cost management and higher revenues.

Southern Copper’s second-quarter revenues increased 40.6% to a record $4.29 billion. Net income attributable to SCCO also reached a record $1.67 billion, rising 71.6% year over year. The net income margin improved to 38.9% from 31.9% in the year-ago period.

However, SCCO’s total copper production decreased 3.6% in the second quarter of 2026 to 232,521 tons due to a decrease in production at the company’s Peruvian operations. While mined silver production fell 3.8%, zinc and molybdenum production fell 14.5% and 11%, respectively, in the same time frame.

Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, still implies a 5% year-over-year decline. The downside will be led by lower ore grades at the Cuajone and Peruvian mines. Nonetheless, Southern Copper maintains a strong long-term outlook with production expected to increase to 1.15 million tons by 2031, 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6-million-ton target by 2035.

Copper prices are currently near $6.6 per pound, up 47.7% in a year, supported by tight global supply and strong demand. Along with SCCO, its peers Teck Resources Ltd (TECK - Free Report) and Freeport-McMoRan Inc. (FCX - Free Report) are gaining from this rise in copper prices. Higher prices for molybdenum, zinc and silver will also aid growth.

The rally in metal prices this year and its ongoing cost-control efforts position the company for further EBITDA gains in the months ahead.

Southern Copper Peers’ EBITDA PerformanceTeck Resources’ adjusted EBITDA for the second quarter of 2026 was CAD$2.2 billion ($1.59 billion), which soared 204% from the year-earlier period. The EBITDA margin was 60.8% in the quarter under review compared with the year-ago quarter’s 35.7%. TECK’s revenues amounted to $2.6 billion, reflecting a 78% year-over-year improvement. Teck Resources’ copper production was around 135,900 tons, 25% higher than the first quarter of 2025, attributed to improved performance across all operations.

Freeport-McMoRan reported an adjusted EBITDA of $3.5 billion for the second quarter of 2026, marking a year-over-year rise of 9.4%. FCX’s revenues declined 7.3% year over year to $7.03 billion. Freeport-McMoRan’s copper production fell 18.4% year over year to 786 million pounds in the reported quarter.

SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have gained 108.3% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 69.7%. During this time, the Basic Materials sector has risen 32.2% and the S&P 500 has rallied 23%. 

Image Source: Zacks Investment Research

The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 27.57X, which is a premium to the industry average of 22.92X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.61 per share, suggesting a rally of 45.2%.

The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.2%.

Earnings estimates for 2026 have moved 0.1% south over the past 60 days, while the same for 2027 have moved up 0.3% over the past 60 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Altman Advisors Inc. purchased a new position in Southern Copper Corporation (NYSE:SCCO – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 14,414 shares of the basic materials company’s stock, valued at approximately $2,512,000.

Other institutional investors also recently bought and sold shares of the company. California Public Employees Retirement System boosted its holdings in shares of Southern Copper by 21.2% during the 1st quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock valued at $33,126,000 after acquiring an additional 33,638 shares during the last quarter. RFG Advisory LLC purchased a new position in shares of Southern Copper during the fourth quarter valued at approximately $1,147,000. US Bancorp DE raised its holdings in shares of Southern Copper by 16.2% during the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after purchasing an additional 10,360 shares during the last quarter. Ashoka WhiteOak Capital Pte Ltd bought a new position in Southern Copper during the fourth quarter valued at approximately $5,460,000. Finally, Precision Wealth Strategies LLC bought a new position in Southern Copper during the first quarter valued at approximately $2,769,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Southern Copper In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 509 shares of company stock valued at $97,753 over the last three months. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Stock Up 2.5% Shares of SCCO stock opened at $199.45 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a one year low of $92.57 and a one year high of $223.88. The company’s fifty day moving average price is $181.66 and its 200-day moving average price is $182.97. The company has a market capitalization of $166.41 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 1.67 and a beta of 1.11. Southern Copper (NYSE:SCCO – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.06. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. Sell-side analysts expect that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s dividend payout ratio is currently 64.33%.

Wall Street Analysts Forecast Growth A number of equities research analysts have commented on SCCO shares. Morgan Stanley lifted their target price on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. Barclays set a $164.03 price target on Southern Copper and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Finally, Wells Fargo & Company lifted their price objective on Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $146.84.

Read Our Latest Report on SCCO

(Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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Abacus FCF Advisors LLC purchased a new position in Southern Copper Corporation (NYSE:SCCO – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 31,569 shares of the basic materials company’s stock, valued at approximately $5,501,000.

Several other large investors also recently made changes to their positions in the stock. California Public Employees Retirement System increased its stake in shares of Southern Copper by 21.2% in the first quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock worth $33,126,000 after purchasing an additional 33,638 shares during the period. RFG Advisory LLC acquired a new position in shares of Southern Copper during the 4th quarter worth about $1,147,000. US Bancorp DE boosted its stake in Southern Copper by 16.2% during the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after purchasing an additional 10,360 shares during the period. Ashoka WhiteOak Capital Pte Ltd bought a new stake in Southern Copper during the 4th quarter valued at approximately $5,460,000. Finally, Precision Wealth Strategies LLC acquired a new stake in Southern Copper in the 1st quarter valued at approximately $2,769,000. Institutional investors own 7.94% of the company’s stock.

Southern Copper Trading Up 3.6% Shares of SCCO stock opened at $194.57 on Thursday. Southern Copper Corporation has a 52-week low of $92.57 and a 52-week high of $223.88. The stock has a market cap of $162.33 billion, a price-to-earnings ratio of 28.45, a P/E/G ratio of 1.61 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The firm has a fifty day moving average of $181.26 and a 200-day moving average of $182.88.

Southern Copper (NYSE:SCCO – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. Southern Copper’s revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts forecast that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year. Southern Copper Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. Southern Copper’s dividend payout ratio is 64.33%.

Wall Street Analyst Weigh In A number of brokerages recently issued reports on SCCO. Morgan Stanley boosted their target price on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. Zacks Research lowered shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Finally, CICC Research lowered shares of Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $146.84.

Check Out Our Latest Stock Analysis on SCCO

Insider Activity In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of Southern Copper stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the transaction, the director owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 509 shares of company stock worth $97,753. Company insiders own 0.07% of the company’s stock.

Southern Copper Profile (Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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Key Takeaways Southern Copper's H1 EBITDA and revenues surged on higher metal prices and disciplined cost management.Southern Copper lowered copper output but raised its 2026 target to 917,000 tons from 910,000.A $19.9B decade-long investment plan aims to lift output to 1.6M tons by 2035. Southern Copper Corporation (SCCO - Free Report) shares have gained 40.9% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 25%. During this time, the Basic Materials sector has risen 18.1% and the S&P 500 has rallied 14%. The upside is fueled by SCCO’s strong first six-month results and an upward trend in copper prices despite lower production volumes. 

Image Source: Zacks Investment Research

Copper prices are currently near $6.6 per pound, up 48.2% in a year, supported by tight global supply and strong demand. Imports to the United States have surged, ahead of an expected decision by the Trump administration on copper import tariffs. Global copper inventories have declined as shipments to China have risen to ease a domestic supply shortage. Along with SCCO, its peers Teck Resources Ltd (TECK - Free Report) and Freeport-McMoRan Inc. (FCX - Free Report) are gaining from this rise in copper prices.

Southern Copper has performed slightly better than Teck Resources and Freeport, which have gained 40.1% and 39.8%, respectively, so far this year.

Image Source: Zacks Investment Research

Let us take a closer look at Southern Copper’s fundamentals to assess if this is the right time to buy its shares.

SCCO Posts Strong H1 Results Amid Lower OutputRecord second-quarter revenues of $4.29 billion pushed the company’s six-month top-line to $8.54 billion, marking a 38.4% year-over-year increase. The upside was driven by higher prices for copper, molybdenum, zinc and silver.

Driven by a record-high adjusted EBITDA of $2.86 billion in the second quarter, Southern Copper's adjusted EBITDA for the first half of 2026 increased 57.5% year over year to $5.57 billion. The adjusted EBITDA margin expanded to 65.2% in the first six months of 2026 from last year’s 57.3%, reflecting stronger realized prices and disciplined cost management.

Net income attributable to SCCO also surged 71.6% year over year to a record $1.67 billion in the second quarter. The net income margin improved to 38.9% from 31.9% in the year-ago period. In the first six months, net income was 69.2% higher, driven by higher revenues.

However, SCCO’s total copper production decreased 3.8% in the first half of 2026 to 461,206 tons due to a decrease in production at the company’s Peruvian operations. While mined silver production increased 3.3%, zinc and molybdenum production fell 6.9% and 6.7%, respectively, in the same time frame.

Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, still implies a 5% year-over-year decline. The downside will be driven by lower ore grades at the Cuajone and Peruvian mines.

Molybdenum production is projected at 27,900 tons, a 7% increase from its previous target, indicating a 10% decline from the 2025 level. Silver output is projected at 24 million ounces, a decrease of 1% from 2025. Zinc production for the year is projected at 163,900 tons, 7% lower than the 2025 level.

Southern Copper’s Solid Balance SheetFor the first six months of 2026, SCCO’s operating cash flow increased 116.9% to $3.68 billion, supported by stronger earnings and lower operating working capital requirements. Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while short-term investments totaled $1.66 billion.

Over the past few years, Southern Copper has successfully lowered its debt levels. Long-term debt was $7.99 billion at the end of June 30, 2026, following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations.

SCCO’s Long-term Growth Remains SolidSouthern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru. Backed by its constant commitment to increasing low-cost production and growth investments, the company is well-poised to continue delivering enhanced performance.

Despite these near-term headwinds, Southern Copper maintains a strong long-term outlook, targeting a significant ramp-up in output to 1.6 million tons by 2035. This implies a compound annual growth rate (CAGR) of 5.3% from the 2025 reported levels.

To support this growth plan, the company intends to invest $20.5 billion over the next decade, with the bulk of the capital allocated to projects in Peru. A substantial portion of this spending is scheduled through 2031 as key development projects progress.

Production is expected to increase to 1.15 million tons by 2031, 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6-million-ton target by 2035. 
This trajectory highlights SCCO’s confidence in its robust and diversified project pipeline spanning Peru and Mexico. Key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline.

SCCO’s Estimates Indicate Y/Y RiseThe Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.63 per share, suggesting a rally of 45.6%.

The Zacks Consensus Estimate for 2027 sales implies an 8.6% year-over-year dip. The same for earnings suggests a fall of 11.7%.

EPS estimates for 2026 have moved 5.2% north over the past 60 days, while the same for 2027 has moved up 7% over the past 60 days.

Image Source: Zacks Investment Research

Southern Copper’s Premium ValuationThe Southern Copper stock is currently trading at a forward 12-month earnings multiple of 27.60X, which is a premium to the industry average of 23.39X.

Image Source: Zacks Investment Research

Meanwhile, Teck Resources and Freeport are trading higher at 21.51X and 21.22X, respectively.

Final Take on SCCO StockSouthern Copper has delivered a strong year-to-date stock performance and reported first-half results, supported by higher metal prices and increased revenues. Positive revisions to earnings estimates and favorable copper prices further support the stock. However, near-term production headwinds and a premium valuation remain concerning.

Existing shareholders should stay invested in the SCCO stock to benefit from its solid long-term growth prospects. The company currently has a Zacks Rank #3 (Hold), which supports our thesis.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

For Immediate ReleaseChicago, IL – August 6, 2026 – Today, Zacks Equity Southern Copper Corp. (SCCO - Free Report) , Freeport-McMoRan Inc. (FCX - Free Report) , Lundin Mining Corp. (LUNMF - Free Report) , Energy Fuels (UUUU - Free Report) and Ero Copper (ERO - Free Report) .

Industry: Mining - Metals (Non-Ferrous)

Link: https://www.zacks.com/commentary/2968189/5-non-ferrous-metal-mining-stocks-to-watch-in-a-challenging-industry

The prospects of the Zacks Mining - Non Ferrous industry remain challenged amid inflated costs, labor shortages and supply-chain issues. However, the demand for non-ferrous metals is expected to be supported by the energy-transition trend, which should buoy the industry.

Against this backdrop, we suggest keeping an eye on companies like Southern Copper Corp., Freeport-McMoRan Inc., Lundin Mining Corp., Energy Fuels and Ero Copper. These companies are poised to gain from their endeavors to build reserves and control costs while investing in technology and improving production efficiency.

About the IndustryThe Zacks Mining - Non Ferrous industry comprises companies that produce non-ferrous metals, including copper, gold, silver, cobalt, molybdenum, zinc, aluminum and uranium. These metals are used by various industries, including aerospace, automotive, packaging, construction, machinery, electronics, transportation, jewelry, chemical and nuclear energy. Mining is a long, complex and capital-intensive process. 

The actual mining operations are preceded by significant exploration and development to evaluate the size of the deposit. The process is followed by the assessment of ways to extract and process the ores efficiently, safely and responsibly. Miners seek opportunities to grow their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets internally and through acquisitions.

What's Shaping the Future of the Mining - Non Ferrous Industry?Favorable Metal Price Trends Drive Growth: Copper futures are currently above $6.60 per pound, near record highs and up 50.7% in a year, supported by tight global supply and strong demand. Imports to the United States have surged, ahead of an expected decision by the Trump administration on copper import tariffs. Global copper inventories have declined as shipments to China have risen to ease a domestic supply shortage. 

Copper also remained supported by its strong long-term demand outlook, driven by the global transition to clean energy and the rapid expansion of Artificial Intelligence data centers. Gold prices are gaining and approaching $4,200 per ounce as prospects of cooling U.S-Iran tensions have eased inflation concerns and lowered expectations of interest rate hikes. Gold prices are up 23.4% in a year. This has also led to recent gains in silver, with prices at around $61 an ounce, up 61.7% in a year. Uranium futures are around $85 per pound, up 20.8% in a year, backed by long-term nuclear power demand.

Labor Shortage, High Costs Remain Worrisome: The industry has been facing a shortage of skilled workforce lately, which has hiked wages. Labor-related disputes can be damaging to production and revenues. Industry players are grappling with escalating production costs, including electricity, water and materials, as well as higher freight expenses and supply-chain issues. 

Since the industry cannot control the prices of its products, it focuses on improving the sales volume, increasing the operating cash flow and lowering unit net cash costs. Industry participants are opting for alternate energy sources to minimize fuel-price volatility and secure supply. Miners are now committed to cost-reduction strategies and digital innovation to drive operating efficiencies.

Long-Term Demand Trends Support Growth: Demand for non-ferrous metals is expected to remain robust, driven by their critical role in transportation, infrastructure, renewable energy, telecommunications and technology. Growth in electric vehicles, clean energy projects and infrastructure upgrades is expected to support demand for metals such as copper and nickel. Uranium demand is gaining momentum as countries prioritize carbon reduction, electrification and rising power needs from AI and data centers. 

Rare earth elements are becoming increasingly important due to their use in EVs, wind turbines, robotics, electronics and defense applications. Silver demand is also benefiting from industrial uses, particularly solar energy, while digitalization and AI are creating additional growth opportunities. Gold continues to benefit from its safe-haven appeal, rising central bank purchases and increasing demand from technology, healthcare and energy applications.

Zacks Industry Rank Indicates Bleak ProspectsThe group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull prospects for the near term. The Zacks Mining - Non Ferrous industry, a nine-stock group within the broader Zacks Basic Materials Sector, currently carries a Zacks Industry Rank #185, which places it in the bottom 24% of 245 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry’s recent stock-market performance and its valuation picture.

Industry Versus S&P 500 & SectorThe Zacks Mining- Non Ferrous Industry has outperformed its sector and the Zacks S&P 500 composite over the past 12 months. The stocks in this industry have collectively gained 63.4% in the past year compared with the Zacks Basic Materials sector’s growth of 23.2%. The S&P 500 has risen 23.8% in the said time frame.

Industry's Current ValuationBased on the trailing 12-month EV/EBITDA ratio, a commonly used multiple for valuing Mining- Non Ferrous stocks, we see that the industry is currently trading at 13.73X compared with the S&P 500’s 17.59X. The Basic Materials sector’s trailing 12-month EV/EBITDA is 12.91X. 

Over the past three years, the industry has traded as high as 17.84X and as low as 3.95X, the median being 9.34X.

5 Mining - Non Ferrous Stocks to Keep an Eye OnEnergy Fuels: The company is expanding its uranium operations while building a presence in the rare earth element (REE) market, backed by its solid balance sheet. The company is pursuing strategic acquisitions to broaden its resource base, strengthen its position across the rare earth value chain and diversify revenue streams. 

The planned acquisition of Australian Strategic Materials is expected to enhance its capabilities in REE metals and alloys, while that of Germany-based VAC Group will make it a fully integrated rare earths and magnetics company. Its uranium growth strategy is supported by projects such as Nichols Ranch ISR and Whirlwind, which could collectively add up to 500,000 pounds of annual uranium production. Additionally, the Roca Honda, Bullfrog and Sheep Mountain projects hold nearly 70 million pounds of uranium resources, providing long-term growth potential. 

Construction is underway on an expansion of its White Mesa Mill in Utah, which currently has the capacity to produce up to 1,000 tonnes per annum (tpa) of separated NdPr oxide. The expansion will enable production of key heavy rare earth oxides, including terbium, dysprosium, samarium, europium and gadolinium, catering to demand from the automotive, robotics, data center, energy and defense sectors. By 2029, the company plans to further expand capacity to 6,294 tpa of NdPr oxide, 80 tpa of terbium oxide and 288 tpa of dysprosium oxide.

The Zacks Consensus Estimate for UUUU’s earnings for fiscal 2026 has remained unchanged over the past 60 days and is currently pegged at a loss of 14 cents per share. It suggests an improvement from the loss of 38 cents reported a year ago. The Lakewood, CO-based company currently carries a Zacks Rank #2 (Buy). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Lundin Mining: The company’s strategic vision is to become a top-ten global copper producer. It has set a long-term target to reach annual production of more than 500,000 tonnes of copper and 550,000 ounces of gold. This will be aided by successful execution of expansion opportunities at Candelaria, Caserones and Chapada as well as development for the Vicuña district. Lundin Mining holds a 50% interest in the Vicuña Project, comprised of the Filo del Sol and Josemaria deposits. 

The recently published integrated technical report outlines it as a Tier 1 asset that has the potential to rank among the top five copper, gold, and silver mines globally once in production. The company continues to advance the project in preparation for a sanctioning decision by the end of the year.

The Zacks Consensus Estimate for Vancouver, Canada-based LUNMF’s fiscal 2026 earnings indicates a year-over-year improvement of 67.5%. The estimate has moved up 13.6% over the past 60 days. It has a long-term estimated earnings growth rate of 18.4%. The company currently carries a Zacks Rank of 2.

Southern Copper: The company has the largest copper reserve in the industry and operates world-class assets in investment-grade countries, such as Mexico and Peru. SCCO expects to produce 917,000 tons of copper in 2026. Southern Copper expects to take this up to roughly 1.6 million tons by 2035, implying a compound annual growth rate (CAGR) of approximately 5.3% from 2025 levels. 

To support this growth plan, the company intends to invest more than $20.5 billion over the next decade, with the bulk of the capital allocated to projects in Peru. Key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline. Given its constant commitment to increasing low-cost production and growth investments, SCCO is well-poised to continue delivering an enhanced performance. 

The Zacks Consensus Estimate for the Phoenix, AZ-based company’s fiscal 2026 earnings indicates year-over-year growth of 45.6%. The estimate has moved up 5.2% over the past 60 days. The company has a trailing four-quarter earnings surprise of 6.3%, on average. SCCO has a long-term estimated earnings growth rate of 15.2% and currently carries a Zacks Rank #3 (Hold).

Freeport-McMoRan: The company remains well-positioned for growth, supported by its high-quality copper assets, large reserve base and strong organic expansion opportunities in the United States. Its organic project pipeline contains the Bagdad expansion, Safford/Lone Star Expansions and the Kucing Liar project. FCX is also deploying the latest technologies and data analytics in its leaching processes across its North America and South America operations. 

Incremental copper production from these initiatives totaled 214 million pounds in 2025. The company is targeting an annual run rate of 300 million pounds by this year-end and subsequently 800 million pounds annually by 2030. In addition, FCX is leveraging automation, new technologies and analytics to enhance operating efficiencies while lowering costs and capital intensity across existing operations and future projects.

The Zacks Consensus Estimate for FCX’s earnings for fiscal 2026 indicates year-over-year growth of 55.4%. The estimate has moved up 8% over the past 60 days. FCX has a trailing four-quarter earnings surprise of 32.6%, on average. It has a long-term estimated earnings growth rate of 36.2%. The Phoenix, AZ-based company currently carries a Zacks Rank of 3.

Ero Copper: The company is unlocking value through organic brownfield projects and optimizations across its operations. At Caraiba, the external shaft project expected in 2027 will provide access to the high-grade “Deep” zone at the Pilar mine, allowing for increased ore production, multiple working areas and reduced ore haulage requirements and costs. At Xavantina, the transition to fully mechanized mining allows for faster underground development rates, enabling increased operational flexibility and ore production while enhancing health and safety initiatives. At Tucumã, continued ramp-up is unlocking production growth. 

The company is developing the Furnas Copper-Gold Project in the world-class Carajás mineral province of Pará State, Brazil. Under a five-year earn-in agreement, Ero Copper is responsible for drilling and delivering a scoping study, pre-feasibility study and feasibility study, leading to a potential investment decision. The project benefits from its location in an established mining area with access to paved roads, railways and existing power infrastructure.

The Zacks Consensus Estimate for the Vancouver, Canada-based company’s fiscal 2026 earnings indicates year-over-year growth of 90.6%. The estimate has moved up 2% in the past 60 days. The company has a trailing four-quarter earnings surprise of 8.9%, on average. ERO currently carries a Zacks Rank of 3.

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Investors interested in stocks from the Mining - Non Ferrous sector have probably already heard of Lundin Mining (LUNMF - Free Report) and Southern Copper (SCCO - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Currently, Lundin Mining has a Zacks Rank of #2 (Buy), while Southern Copper has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that LUNMF is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

LUNMF currently has a forward P/E ratio of 18.48, while SCCO has a forward P/E of 23.95. We also note that LUNMF has a PEG ratio of 1.01. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. SCCO currently has a PEG ratio of 1.57.

Another notable valuation metric for LUNMF is its P/B ratio of 2.57. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, SCCO has a P/B of 12.73.

These metrics, and several others, help LUNMF earn a Value grade of B, while SCCO has been given a Value grade of D.

LUNMF stands above SCCO thanks to its solid earnings outlook, and based on these valuation figures, we also feel that LUNMF is the superior value option right now.

Posted by Defense World Staff on Jul 30th, 2026

Southern Copper Corporation (NYSE:SCCO – Get Free Report) has earned a consensus recommendation of “Reduce” from the fifteen ratings firms that are presently covering the company, Marketbeat reports. Seven equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $148.6022.

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company raised their price target on Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Scotiabank reaffirmed an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Barclays set a $166.00 target price on Southern Copper and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Finally, Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th.

Get Our Latest Stock Analysis on SCCO

Insiders Place Their Bets In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 504 shares of company stock worth $92,008. Company insiders own 0.07% of the company’s stock.

Institutional Trading of Southern Copper Several institutional investors and hedge funds have recently modified their holdings of SCCO. Intech Investment Management LLC raised its position in Southern Copper by 0.8% during the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock valued at $865,000 after purchasing an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in shares of Southern Copper by 0.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock worth $871,000 after buying an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC increased its stake in shares of Southern Copper by 1.8% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after buying an additional 52 shares during the period. Ensign Peak Advisors Inc increased its stake in shares of Southern Copper by 0.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after buying an additional 53 shares during the period. Finally, Venture Visionary Partners LLC raised its holdings in shares of Southern Copper by 0.8% in the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock valued at $1,004,000 after acquiring an additional 53 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance Southern Copper stock opened at $175.20 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The firm has a market capitalization of $144.72 billion, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11. Southern Copper has a 1-year low of $88.73 and a 1-year high of $223.88. The company’s 50-day moving average is $181.13 and its 200 day moving average is $184.02.

Shares of Southern Copper are set to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be distributed to shareholders after the market closes on Monday, August 10th.

Southern Copper (NYSE:SCCO – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The business’s revenue for the quarter was up 40.6% compared to the same quarter last year. Research analysts forecast that Southern Copper will post 7.63 EPS for the current year.

Southern Copper Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is 58.48%.

About Southern Copper (Get Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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Posted by Defense World Staff on Jul 28th, 2026

Arrowstreet Capital Limited Partnership raised its position in Southern Copper Corporation (NYSE:SCCO – Free Report) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 347,200 shares of the basic materials company’s stock after buying an additional 22,670 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Southern Copper were worth $59,739,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SCCO. Savvy Advisors Inc. bought a new position in Southern Copper in the 4th quarter valued at approximately $1,434,000. Oak Harvest Investment Services bought a new stake in shares of Southern Copper in the 4th quarter valued at about $7,650,000. California Public Employees Retirement System increased its position in Southern Copper by 21.2% during the 1st quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock valued at $33,126,000 after purchasing an additional 33,638 shares during the period. US Bancorp DE raised its stake in Southern Copper by 16.2% during the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after buying an additional 10,360 shares during the last quarter. Finally, Ashoka WhiteOak Capital Pte Ltd bought a new position in shares of Southern Copper in the 4th quarter worth about $5,460,000. 7.94% of the stock is owned by institutional investors.

Southern Copper Trading Down 0.0% SCCO opened at $179.20 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The firm has a market capitalization of $148.03 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 1.54 and a beta of 1.11. The business has a 50 day simple moving average of $180.91 and a two-hundred day simple moving average of $183.75. Southern Copper Corporation has a one year low of $88.73 and a one year high of $223.88.

Southern Copper shares are scheduled to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.06. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The firm had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. Analysts predict that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 11th. Southern Copper’s dividend payout ratio (DPR) is presently 64.33%.

Analyst Upgrades and Downgrades Several equities analysts have recently weighed in on the stock. Citigroup reiterated a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. Morgan Stanley upped their target price on shares of Southern Copper from $146.00 to $158.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. Weiss Ratings downgraded shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 8th. Finally, Wells Fargo & Company boosted their target price on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper presently has an average rating of “Reduce” and an average price target of $148.60.

Get Our Latest Research Report on Southern Copper

Insiders Place Their Bets In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This trade represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 404 shares of company stock valued at $74,108. 0.07% of the stock is currently owned by insiders.

Southern Copper Profile (Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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3 Multi-Metal Stocks for Income and Long-Term GrowthSouthern Copper NYSE: SCCO reported record quarterly sales, adjusted EBITDA and net income for the second quarter of 2026, as sharply higher metals prices offset lower copper production in Peru, Chief Financial Officer Raúl Jacob Ruisánchez told investors on the company’s earnings call.

Jacob, Southern Copper’s vice president of finance, treasurer and CFO, said the company’s results reflected “operating excellence” amid sustained demand for copper and its by-products. He was joined on the call by Leonardo Contreras, Southern Copper’s CEO and board member.

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Copper Cools After Record January—But This ETF Is a Buy-the-Dip OpportunitySales for the quarter rose 41% year over year to $4.3 billion, an increase of $1.2 billion from the second quarter of 2025. Adjusted EBITDA reached a record $2.96 billion, up 60% from $1.79 billion a year earlier, while adjusted EBITDA margin expanded to 67% from 59%. Net income rose 72% to a record $1.67 billion, compared with $973 million in the prior-year quarter. Net income margin increased to 39% from 32%.

For the first six months of 2026, adjusted EBITDA rose 58% to $5.57 billion, while net income was 69% higher than in the same period of 2025. Cash flow from operating activities totaled $3.68 billion in the first half, up 117% year over year, which Jacob attributed to stronger operating cash generation from higher sales and a $719 million decrease in operating asset and liability requirements.

Higher Metals Prices Drive Revenue Growth The Copper Barbell: How to Profit From the Shortage—and Avoid the Dilution TrapJacob said the London Metal Exchange copper price averaged $6.04 per pound in the second quarter, up 30% from $4.32 per pound in the same quarter of 2025. COMEX copper averaged $6.16 per pound, up 31% year over year. Based on current supply and demand dynamics, Southern Copper estimates a slight copper market deficit for 2026.

Global copper inventories across London Metal Exchange, COMEX, Shanghai and London warehouses totaled 1.123 million tons as of July 21, which Jacob said represented roughly 15 days of global demand.

Copper represented 73% of Southern Copper’s sales in the quarter. Copper sales increased 38% despite a 1.5% decline in volume, reflecting the higher pricing environment. Among by-products, molybdenum sales rose 34%, zinc sales increased 24% and silver sales climbed 86%, with all three benefiting from higher prices that were partially offset by lower volumes.

Molybdenum prices averaged $29.44 per pound, up 43% from the prior-year quarter, while silver prices averaged $73.49 per ounce, up 118%. Zinc averaged $1.57 per pound, a 31% increase from the second quarter of 2025.

Production Falls in Peru, Rises in Mexico Southern Copper produced 230,662 tons of copper in the second quarter, down 3.5% from the same period last year. Jacob said the decline reflected a 12% drop in production in Peru, mainly due to lower ore grades and recoveries at Toquepala and Cuajone. That was partially offset by a 3.2% increase in Mexican operations, driven by higher production at Buenavista, La Caridad and Inca.

In response to a question from Barclays analyst Richard Garchitorena, Jacob said the lower production was mainly tied to ore grades at Cuajone, which translated into about 35,000 tons of lower copper production, with the remaining decline coming from Toquepala. He said Southern Copper now expects to produce 917,000 tons of copper in 2026, above its initial plan of about 910,000 tons.

Molybdenum production fell 11% year over year due to lower ore grades at all mines, though the company now expects to produce 27,900 tons in 2026, 7% above its initial plan. Silver production declined 4% in the quarter, despite higher output at La Caridad and Inca, because of lower production at Toquepala, Cuajone and Buenavista. Southern Copper expects to meet its plan to produce 24 million ounces of silver this year. Mine zinc production fell 14% to 39,250 tons, and the company expects 2026 zinc production of 163,900 tons.

Jacob said he expects sales volumes to improve somewhat in the second half of the year as material processed in the first half becomes available for sale.

Costs Rise, but Margins Improve Total operating costs and expenses increased $202 million, or 14%, from the second quarter of 2025. Jacob cited higher operating materials, purchased copper, diesel and fuel, workers’ participation, translation differences and other factors. These were partly offset by lower repair materials and inventory consumption.

Southern Copper reported operating cash costs before by-product credits of $2.29 in the second quarter, down $0.02 from the first quarter. Including by-product credits, operating cash costs were $0.05, compared with negative $0.11 in the first quarter. Jacob said the company still considered that “an excellent mark.”

By-product credits totaled $1.11 billion, or $2.24, in the second quarter, down 7% from the first quarter. Credits increased for molybdenum and zinc but declined for silver and sulfuric acid.

Capital Projects Advance in Peru and Mexico Southern Copper’s capital investment program for the decade exceeds $20.5 billion, including projects in Peru and Mexico. The company spent $423 million on capital investments in the second quarter, up 79% year over year, and $865 million in the first half, up 56% from the prior-year period.

In Peru, Jacob said the company remains committed to advancing Tia Maria, Los Chancas and Michiquillay, which together represent about $10.3 billion of investment. At Tia Maria in Arequipa, the project was 42% complete at the end of June, with 5,817 new jobs created, including 1,254 filled by local applicants. Jacob said mass earthworks were in their final stage and civil works and steel structure assembly had begun in key facilities.

Goldman Sachs analyst Emerson Vieira asked about the desalination plant for Tia Maria and potential delays. Jacob said purchase orders and contracts were being placed for major equipment, including the desalination plant, and that the company did not currently expect a delay.

At Los Chancas in Apurímac, Jacob said illegal miners remain in the project area despite enforcement efforts, hindering progress. At Michiquillay in Cajamarca, reserve estimation, mine planning, hydrologic and hydrogeological assessments, and technical research are underway.

In Mexico, Jacob said El Pilar in Sonora has received the necessary environmental permits and will begin early site preparation work in September. Construction is expected to start in the first quarter of 2027, with production projected for the second half of 2029. The $551 million open-pit project is expected to produce 36,000 tons of copper cathode annually over an 18-year mine life.

Debt Issuance and Dividend Southern Copper issued $1.25 billion of 10-year fixed-rate senior unsecured notes on June 24, due in 2036 with a 5.35% annual interest rate. Jacob said demand totaled $4 billion, or 3.2 times the amount issued. Proceeds will be used by Southern Peru Copper Corporation to develop Tia Maria, finance its capital expenditure program and for general corporate purposes.

The company announced a quarterly cash dividend of $1.10 per share and a stock dividend of 0.012 shares per common share, payable Aug. 27 to shareholders of record as of Aug. 11. Jacob said the total estimated dividend payment, including the cash dividend and equivalent value of the stock dividend, was $3.23 per share.

Looking ahead, Jacob said Southern Copper expects 2027 copper production to be roughly in line with 2026, with some contribution from Tia Maria late in the year. He said production is expected to rise to about 970,000 tons in 2028 and exceed 1 million tons in 2029, supported by Tia Maria, El Pilar and improved ore grades. The company’s longer-term goal remains more than 1.6 million tons of copper by 2033 or 2034 through organic growth.

About Southern Copper (NYSE:SCCO)Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Copper is giving back ground again. COMEX copper futures (HG) traded at 34.3700 as of the 10:00 AM ET, down from yesterday’s close of 34.7600 and sitting 3.51% below the five-day high of 35.6200 set July 20. The pullback comes as global copper inventories sit at their highest level since 2003, roughly 4.5 weeks of consumption, raising fresh doubts about the pace of demand from AI data centers, EVs, and electrification build-outs.

For copper equities, every dime move in the underlying commodity flows almost directly to cash flow. Below, we rank the five NYSE-listed copper miners most exposed to a continued slide, from highest downside sensitivity to lowest.

1. Ero Copper (ERO): The Highest-Beta Name Ero Copper (NYSE:ERO) carries the smallest market cap of the group at $2.86 billion and the highest cost structure. Full-year 2026 C1 cash costs are guided at $2.15 to $2.35 per pound, versus net debt of $490.7 million. That combination of leverage and thin margins makes Ero the most cost-sensitive name in the group. Shares carry a beta of 1.584 and trade at a forward P/E of 6x, cheap for a reason. Q1 revenue of $263.2 million missed the Street’s $341.8 million mark. The analyst consensus target of $35.20 assumes copper stays firm; a sustained retreat would test that thesis quickly.

2. Freeport-McMoRan (FCX): Volume-Constrained but Highly Levered Freeport-McMoRan (NYSE:FCX | FCX Price Prediction) is the largest US-listed pure-play copper producer at a $92.36 billion market cap. Management has flagged that every $0.10 per pound move in copper materially shifts cash flow across its 3.1 billion pound annual sales base. Q1 2026 revenue rose 12.2% to $6.23 billion on realized copper of $5.78 per pound. The Grasberg mud-rush still limits production to roughly 65% of capacity through the second half of 2026, dampening upside torque but not blunting downside. Options positioning skews defensive: the full-chain put/call ratio sits at 0.82, with the August 21 expiration running an outsized 6.28. Shares are down 8.8% over the past month.

3. Teck Resources (TECK): Merger Overhang Meets Copper Weakness Teck Resources (NYSE:TECK) has already been the weakest performer in the group, down 5.43% in the past week and 11.7% over the past month. Q1 2026 revenue jumped 72.2% to $2.78 billion on record copper sales of 155,100 tonnes. But the pending Anglo American merger, targeting roughly $800 million in annual pre-tax synergies, layers regulatory risk on top of commodity risk. Guided 2026 net cash costs of $1.85 to $2.20 per pound leave less cushion than the group’s low-cost leaders.

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4. Hudbay Minerals (HBM): Gold Cushion Softens the Blow Hudbay Minerals (NYSE:HBM) is partially insulated. Gold by-product credits contribute 39% of gross revenue, and consolidated cash costs came in at a stunning negative $1.80 per pound of copper in Q1, far below the guided negative $0.30 to negative $0.10. Realized gold of $4,468 per ounce is doing heavy lifting. Q1 revenue rose 27.3% to $757.3 million, and 22 of 23 covering analysts rate the stock Buy or Strong Buy, per Alpha Vantage’s consensus of 8 Strong Buy and 14 Buy ratings. Bank of America carries a $32.50 target. Still, with a beta of 2.252, HBM trades violently on copper headlines.

5. Southern Copper (SCCO): Best Positioned to Absorb the Drop Southern Copper (NYSE:SCCO) is the group’s fortress balance sheet. Q2 2026 operating cash cost per pound collapsed to $0.05, from $0.63 a year earlier, on the back of by-product credits and higher grades at legacy mines. Revenue jumped 40.6% to $4.29 billion, with adjusted EBITDA margin of 66.6%. At a $156.86 billion market cap and forward P/E of 39x, valuation is stretched, but the operating profile means SCCO stays profitable through moves that would pressure higher-cost peers.

Conclusion Today’s modest copper pullback is a stress test more than a shock. If HG copper breaks below the July 15 low of 33.4100, the pain will not fall evenly: Ero and Freeport carry the most direct downside torque, Teck adds M&A execution risk, and Hudbay and Southern Copper have real by-product buffers. The bull case, S&P Global’s projected 42 million tonnes of copper demand by 2040, is intact. Whether the trade holds through inventory overhang and softer near-term demand is the question worth watching.

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Key Takeaways AI data center growth could sharply lift copper demand, benefiting major producers like FCX.SCCO is expanding projects in Peru and Mexico to support higher output over the next decade.BHP is increasing exposure to copper and potash while advancing technology and long-life growth projects. Copper prices started 2026 on a strong note, supported by demand from electric vehicles, renewable energy projects, data center growth and grid modernization. At present, data centers account for a mere 1% of global copper demand. However, the astonishing growth of the artificial intelligence (AI)-powered data centers could change the entire landscape dramatically in the near future. 

Copper is an essential component of the AI ecosystem including electrical wiring in data centers, power grids, transformers and transmission infrastructure. An AI-led data center consumes 10 times more copper than a conventional data center.

The four major hyperscalers raised their AI capital expenditure budget to $750 billion for 2026. This figure is set to cross $1 trillion next year and is likely to rise further beyond 2027. Moody’s estimated more than $3 trillion in capital investment for AI data centers by these four giant hyperscalers in the next five years. 

At this stage, we have narrowed our search to three big copper producers for investment with a long term approach. The companies are: Freeport-McMoRan Inc. (FCX - Free Report) , Southern Copper Corp. (SCCO - Free Report) and BHP Group Ltd. (BHP - Free Report) . Each of these stocks currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The chart below shows the price performance of the three above-mentioned stocks year to date.

Image Source: Zacks Investment Research

Freeport-McMoRan Inc.Freeport-McMoRan is conducting exploration activities near existing mines to expand reserves. It is expected to gain from progress in exploration activities that will boost production capacity. 

FCX is executing several smelter projects in Indonesia. FCX is also well-positioned to benefit from automotive electrification, which is a positive for copper, as electric vehicles are copper-intensive. The company's efforts to reduce debt are also encouraging. FCX’s solid financial health also bodes well.

Freeport-McMoRan has an expected revenue and earnings growth rate of 9.5% and 51.4%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 7.6% in the last 30 days.

Southern Copper Corp.Southern Copper’s investment case is strengthened by its industry-leading copper reserves, expanding project pipeline and favorable long-term demand for copper and key by-products. SCCO is advancing more than $20.5 billion of investments across Peru and Mexico, creating a visible path to higher production over the next decade. 

An expected grade recovery, continued progress at Tía María and a tight copper market support an optimistic outlook, with SCCO positioned to deliver sustained growth and attractive shareholder returns. 

Southern Copper has an expected revenue and earnings growth rate of 26.6% and 46.6%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 3.9% in the last 30 days.

BHP Group Ltd.BHP Group remains a high-quality diversified miner with leadership in iron ore and growing leverage to copper and potash. Recent updates point to resilient iron ore volumes despite weather disruption, strong execution at Escondida and Copper South Australia, as well as progress on Jansen logistics ahead of production. 

BHP’s strategic shift toward future-facing commodities like copper and potash positions it well to benefit from global decarbonization and trends. Strong cash generation, efforts to lower debt and portfolio actions support funding flexibility. 

BHP’s technology partnerships in haulage, conveyors, copper leaching and renewable energy support efficiency, safety and decarbonization efforts. BHP’s low-cost iron ore base, an expanding copper pipeline and long-life Jansen potash project provide durable growth avenues.

BHP Group has an expected revenue and earnings growth rate of 12.6% and 43.7%, respectively, for the current year (ending June 2027). The Zacks Consensus Estimate for the current year’s earnings has improved 1.2% in the last 60 days.

Southern Copper (SCCO - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this miner have returned -5.3% over the past month versus the Zacks S&P 500 composite's +0.5% change. The Zacks Mining - Non Ferrous industry, to which Southern Copper belongs, has lost 9.4% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Southern Copper is expected to post earnings of $1.97 per share, indicating a change of +61.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +6.3% over the last 30 days.

The consensus earnings estimate of $7.68 for the current fiscal year indicates a year-over-year change of +46.6%. This estimate has changed +5.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $7.05 indicates a change of -8.2% from what Southern Copper is expected to report a year ago. Over the past month, the estimate has changed +7.6%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Southern Copper is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Southern Copper, the consensus sales estimate of $4.37 billion for the current quarter points to a year-over-year change of +43.3%. The $16.99 billion and $14.88 billion estimates for the current and next fiscal years indicate changes of +26.6% and -12.4%, respectively.

Last Reported Results and Surprise HistorySouthern Copper reported revenues of $4.25 billion in the last reported quarter, representing a year-over-year change of +36.2%. EPS of $1.92 for the same period compares with $1.19 a year ago.

Compared to the Zacks Consensus Estimate of $4.26 billion, the reported revenues represent a surprise of -0.11%. The EPS surprise was +8.47%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Southern Copper is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Southern Copper. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, July 14:

Alliance Laundry Holdings Inc. (ALH - Free Report) : This commercial laundry systems company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 10.3% over the last 60 days.

Alliance Laundry has a PEG ratio of 1.22 compared with 1.35 for the industry. The company possesses a Growth Score of A.

Southern Copper Corporation (SCCO - Free Report) : This miner of copper and other minerals carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11.6% over the last 60 days.

Southern Copper has a PEG ratio of 1.54 compared with 1.73 for the industry. The company possesses a Growth Score of B.

National Energy Services Reunited Corp. (NESR - Free Report) : This oilfield services company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 9.8% over the last 60 days.

National Energy Services has a PEG ratio of 0.36 compared with 0.63 for the industry. The company possesses a Growth Score of B.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Growth score and how it is calculated here.

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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.94% per year. These returns cover a period from January 1, 1988 through June 1, 2026. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Zacks may license the Zacks Mutual Fund rating provided herein to third parties, including but not limited to the issuer.

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The U.S. copper industry is valued at around $20 billion, and is one of the key market indicators many market participants watch closely.

Why is that?

Well, copper is heavily used in industry, and the rise or fall of this particular commodity can portend a great deal for where the economy is headed.

However, I think one of the most important numbers that’s also within this sector is negative eleven cents. That is what it cost Southern Copper (NYSE:SCCO | SCCO Price Prediction) to produce a pound of copper in the first quarter of 2026, on a net basis after by-product credits. The largest publicly traded pure-play copper miner reported an operating cash cost of -$0.11 per pound, down from +$0.77 a year earlier.

Southern Copper flagged the swing as a -114% year-over-year improvement in its Q1 2026 release filed April 29, 2026.

What It Means A negative cash cost carries real weight. It means silver, molybdenum, and zinc pulled from the same ore body generated enough revenue to more than cover the full cost of mining, milling, and refining the copper. Southern Copper earned that outcome in a quarter when silver prices ran +157.9% year over year, molybdenum climbed +24.2%, zinc rose +14.0%, and copper itself gained +37.5%. Sales volumes of silver (+11.6%) and zinc (+16.4%) amplified the effect.

The company posted net income of $1.577 billion, up 66.7% year over year, on revenue of $4.251 billion, up 36.2%. Additionally, Southern Copper’s adjusted EBITDA reached $2.71 billion at a 63.8% margin, which supported operating cash flow more than doubling to $1.695 billion. CEO German Larrea called it a “record-breaking quarter” in prepared remarks.

Market Reaction SCCO stock started the year at $144.57 and closed at $172.01 on July 2, 2026, a 23.31% year-to-date gain. Over the trailing twelve months the stock is up 72.32%. Recent action has cooled, evidenced by shares sinking nearly 15% over the past month from a June 2 level of $201.37, giving long-term holders a pullback inside a longer uptrend.

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Bull Case I think Southern Copper’s bull case starts at the cost line and radiates outward. A cash cost below zero means Southern Copper prints cash even if copper retraces from current levels. It also means the company can absorb the operational grind of lower Peruvian ore grades, which pushed Q1 copper output down 4.0% year over year, without ceding margin. That is what a low position on the industry cost curve buys.

The setup extends past one quarter. The Tia Maria project in Peru was 32.5% complete as of Q1, with first production targeted for Q3 2027 and a $1.8 billion budget. Management is committing more than $20.5 billion in capital across the decade to lift output toward 1.6 million tonnes of copper by 2033. Copper itself is providing the tailwind. FRED’s global copper price benchmark reached $13,483.75 per metric ton in May 2026, the top of the 12-month range and the 90.9th percentile of that window.

Holders get paid to wait. The board declared a $1.00 per share cash dividend plus a 0.0100 stock dividend, record date May 13, payable May 29, 2026. Cash and equivalents sat at $4.915 billion at quarter end, with shareholders’ equity up 23.19% year over year.

Sector confirmation runs across the metals complex. Freeport-McMoRan (NYSE:FCX) posted its fourth straight EPS beat with Q1 net income up 154.62% year over year. Newmont (NYSE:NEM) delivered record FY2025 free cash flow of $7.299 billion. MP Materials (NYSE:MP) beat EPS estimates by 182.19% in Q1 with magnetics revenue up 306%. The metals complex is earning its keep.

Bottom Line For a long-term investor, -$0.11 per pound reframes Southern Copper’s risk profile. When the swing metal in the cost structure is a by-product credit, downcycles hurt less and upcycles compound harder. With Tia Maria targeted for Q3 2027 first production and a decade of capital already committed, the next twelve to eighteen months mark the handoff from cost discipline to volume growth.

Keep an eye on copper realizations and Peruvian ore grades in the company’s next earnings report.

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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Southern Copper (SCCO - Free Report) , which belongs to the Zacks Mining - Non Ferrous industry.

This miner has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 7.66%.

For the most recent quarter, Southern Copper was expected to post earnings of $1.77 per share, but it reported $1.92 per share instead, representing a surprise of 8.47%. For the previous quarter, the consensus estimate was $1.46 per share, while it actually produced $1.56 per share, a surprise of 6.85%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for Southern Copper. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Southern Copper has an Earnings ESP of +2.38% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

On June 30, 2026, Southern Copper Corp (SCCO) shares rose 3.5% to a current price of $174.26. This move comes amid a 52-week range that has seen a high of $221.

In the latest trading session, Southern Copper (SCCO - Free Report) closed at $171.26, marking a -1.99% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.05% for the day. Elsewhere, the Dow saw a downswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.24%.

Shares of the miner have depreciated by 10.34% over the course of the past month, underperforming the Basic Materials sector's loss of 2.52%, and the S&P 500's loss of 1.42%.

The upcoming earnings release of Southern Copper will be of great interest to investors. The company's earnings per share (EPS) are projected to be $1.9, reflecting a 55.74% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.26 billion, up 39.64% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.62 per share and revenue of $16.69 billion. These totals would mark changes of +45.42% and +24.4%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Southern Copper. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 9.96% upward. Southern Copper is currently sporting a Zacks Rank of #3 (Hold).

In the context of valuation, Southern Copper is at present trading with a Forward P/E ratio of 22.95. This denotes a discount relative to the industry average Forward P/E of 23.75.

One should further note that SCCO currently holds a PEG ratio of 1.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 1.32.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 107, which puts it in the top 44% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.