Movement Alert｜Southern Copper Falls 6.01% in Regular Trading, Fed Rate Hike Expectations and Stronger Dollar Pressure Copper Prices

Market Focus06-23 22:29

On June 23, Southern Copper fell 6.01% in regular trading, trading at $179.415/share, with turnover of $47.0154 million.

On the news front, Fed rate hike expectations have significantly intensified, with 9 out of 19 policymakers projecting a rate hike before year-end, driving the US dollar index sharply higher and placing broad pressure on base metal prices. COMEX copper futures had already recorded declines, triggering sector-wide selling in copper mining stocks.

Within the Copper sector where Southern Copper belongs, stocks declined broadly. Among individual stocks, Freeport-McMoRan down 6.95%, Ero Copper down 6.17%, Taseko Mines down 4.17%. The hawkish Fed outlook strengthened the dollar, which traditionally weighs on dollar-denominated commodities including copper, amplifying downside momentum across the sector.

Southern Copper Corporation, incorporated in 1952, is one of the world's largest integrated copper producers, with mining, smelting, and refining operations in Peru and Mexico, and exploration activities in Argentina, Chile, and Ecuador.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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