NEW YORK, Feb 3, 2026, 15:15 EST — The regular session is underway.
- Shares of Southern Copper jumped roughly 10% in afternoon trading amid a broader rally in copper-related stocks.
- Copper steadied following a stretch of wild swings, buoyed by chatter about Chinese stockpiling.
- Traders have their eyes on U.S. data set for later this week, along with Southern Copper’s dividend record date on Feb. 10.
Southern Copper shares climbed 10.2%, reaching $212.43 on Tuesday after hitting a peak of $214.84 earlier in the session. The jump outstripped most of the market, riding a strong rally in commodity-linked stocks.
The bounce is significant because miners are once again behaving like macro proxies—driven by copper prices and risk appetite rather than company-specific news. In Canada, copper rallied following reports that China intends to increase its stockpiles. Some investors are cautiously re-entering metals after last week’s swings, according to Brian Madden of First Avenue Investment Counsel: “We may not be out of the woods yet.” (Reuters)
Copper’s core story remains the main driver. London Metal Exchange copper soared to a record $14,527.50 per metric ton in late January and recently traded near $13,283. Analysts surveyed by Reuters have mixed views on 2026 — optimistic about tight supply but cautious that January’s sharp jump might outpace actual demand. The risk for miners is clear: if manufacturers pull back at these high prices, the rally could reverse fast. (Reuters)
Shares of U.S.-listed copper companies climbed in unison. Freeport-McMoRan jumped 5.2%, Teck Resources added 7.1%, and the Global X Copper Miners ETF rose roughly 5%.
Southern Copper has been emphasizing tight supply. On Tuesday, CFO Raul Jacob told investors the company expects a copper market deficit near 320,000 tons in 2026. He also projected output will fall to 911,400 tons next year, a 4.7% drop from 2025, mainly because of declining ore grades in Peru. (SCC)
Traders are watching dividend details closely. The company announced a quarterly cash dividend of $1.00 per share, along with a stock dividend of 0.0085 shares per share. These payments are set for Feb. 27, with the record date on Feb. 10. Fractional shares will be cashed out at a reference price of $179.93 per share. (SCC)
Insider activity continued this week. Directors Carlos Ruiz Sacristan and Enrique Castillo Sanchez Mejorada each reported stock awards of 600 shares in separate Form 4 filings — the SEC document for insider trades. (Sec)
Looking ahead, the macro calendar is driving the recent volatility in commodities. Traders are gearing up for significant U.S. economic data due later this week, with Friday’s non-farm payrolls report in focus. At the same time, policy meetings in Europe and Australia loom, poised to influence the dollar and risk appetite—two crucial factors for metals prices. (Reuters)
Southern Copper faces clear near-term checkpoints: the dividend package’s record date on Feb. 10 and copper’s ability to maintain its rebound through the U.S. close. Should the metal falter once more, miners risk losing gains from days like today just as quickly.
