Copper Prices Hit Record High, Mining Stocks Surge
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 12h ago
0mins
Source: stocktwits
- Copper Price Surge: Spot copper prices reached an all-time high of $6.52 per pound, with three-month copper on the London Metal Exchange breaking above $14,000 per tonne for the first time, indicating strong industrial demand and the metal's critical role in electrification projects.
- Mining Stocks Rally: Shares of Southern Copper Corp. surged nearly 5% while Freeport-McMoRan Inc. gained over 2%, reflecting market optimism regarding the rising copper prices.
- Divergent Analyst Views: Despite the price rally, analyst Ole Hansen highlighted that the gap between futures and spot prices is at its widest, with stockpiles at multi-year highs, suggesting that actual demand may not justify current price levels.
- Bullish Market Sentiment: Retail sentiment for the Global X Copper Miners ETF remained in the 'extremely bullish' zone over the past 24 hours, with users predicting the ETF could climb to $100 by the end of February, showcasing strong investor confidence in the copper market.
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Analyst Views on SCCO
Wall Street analysts forecast SCCO stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for SCCO is 127.95 USD with a low forecast of 90.00 USD and a high forecast of 152.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
0 Buy
5 Hold
5 Sell
Moderate Sell
Current: 198.180
Low
90.00
Averages
127.95
High
152.00
Current: 198.180
Low
90.00
Averages
127.95
High
152.00
About SCCO
Southern Copper Corporation is an integrated copper producer. The Company is engaged in the production of copper, molybdenum, silver, and zinc. The Company’s mining, smelting and refining facilities are located in Peru and Mexico and conducts exploration activities in those countries and in Argentina, Chile and Ecuador. Its segments include the Peruvian operations, Mexican open-pit operations and Mexican underground mining operations. Its Peruvian operations include the Toquepala and Cuajone mine complexes and smelting and refining plants, including a precious metals plant, industrial railroad and port facilities. Its Mexican open-pit operations include the La Caridad and Buenavista mine complexes and the smelting and refining plants, including a precious metals plant and a copper rod plant and support facilities that service both mines. Its Mexican underground mining operations include five underground mines that produce zinc, copper, lead, silver and gold, and a zinc refinery.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Copper Prices Hit Record High, Mining Stocks Surge
- Copper Price Surge: Spot copper prices reached an all-time high of $6.52 per pound, with three-month copper on the London Metal Exchange breaking above $14,000 per tonne for the first time, indicating strong industrial demand and the metal's critical role in electrification projects.
- Mining Stocks Rally: Shares of Southern Copper Corp. surged nearly 5% while Freeport-McMoRan Inc. gained over 2%, reflecting market optimism regarding the rising copper prices.
- Divergent Analyst Views: Despite the price rally, analyst Ole Hansen highlighted that the gap between futures and spot prices is at its widest, with stockpiles at multi-year highs, suggesting that actual demand may not justify current price levels.
- Bullish Market Sentiment: Retail sentiment for the Global X Copper Miners ETF remained in the 'extremely bullish' zone over the past 24 hours, with users predicting the ETF could climb to $100 by the end of February, showcasing strong investor confidence in the copper market.

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Copper Prices Reach All-Time Highs: What Could Trigger a Sudden Drop?
- Price Fluctuation: The price of copper experienced a significant spike followed by a sudden drop on Thursday.
- Market Volatility: The day was marked by extreme volatility for the metal, indicating unpredictable market conditions.

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