Copper Rally Is Overdone; China and Trump Won't Be Red Metal's Saviors
Following the election of Donald J. Trump as America's next president, copper has continued a furious rally that began near the end of October. Since Oct. 24, copper is up more than 20%, with gains accelerating after the U.S. election--copper is up 7% in the two days since. As would be expected due to financial and operating leverage, copper equities are up even more. "Pure-play" producers Freeport-McMoRan, Southern Copper, First Quantum, and Antofagasta have gained anywhere from 12% to 21% sinc...Southern Copper is a copper producer. The company's mining, smelting and refining facilities are located in Peru and Mexico and the company conducts exploration activities in those countries and in Argentina, Chile and Ecuador. The company's Peruvian copper operations involve mining, milling and flotation of copper ore to produce copper concentrates and molybdenum concentrates, the smelting of copper concentrates to produce blister and anode copper, and the refining of anode copper to produce copper cathodes. The company's Mexican operations are conducted through its subsidiary, Minera Mexico, S.A. de C.V., which engages primarily in the mining and processing of copper, molybdenum, zinc, silver, gold and lead.
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