Movement Alert|Southern Copper Corp Rises 3.09% in Pre-Market Trading, Morgan Stanley Sees Further Upside for Copper Prices Amid Supply Constraints

Market Focus08-07 21:03

On August 7, Southern Copper Corp rose 3.09% in pre-market trading, trading at $199.0/share, with turnover of $367,500.

On the news front, Morgan Stanley commodity strategist Amy Gower noted in a latest research report that copper is simultaneously flowing toward both China and the United States, with global inventories tightening and pushing up prices and term spreads. The report highlighted that copper prices still have further upside potential amid a supply-constrained environment.

Buoyed by the bullish outlook, the copper sector extended its recent strength, with peers broadly advancing. Among sector constituents, TREKOR METALS rose 3.07%, Freeport-McMoRan gained 2.52%, and Ero Copper added 2.25%. Southern Copper Corp is one of the world's largest integrated copper producers, with mining, smelting, and refining operations located in Peru and Mexico, producing copper, molybdenum, zinc, and silver.

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