Southern Gains Most in Three Months Before Earnings
Southern Copper Corp. (SCCO), the largest producer of the metal in Peru and Mexico, gained the most in three months in Lima trading as investors bet first-quarter earnings will exceed estimates and metal prices rebounded.
Southern Copper, a unit of Grupo Mexico SAB, jumped 5.5 percent to $31.65 at the close, the biggest one-day gain since Jan. 3. The stock has dropped 16 percent over the past year.
“The market is staking out positions ahead of next week’s earnings release,” Javier Frisancho, a trader at Lima-based brokerage Kallpa Securities SAB, said by phone. “The recovery in copper prices also helped.”
Copper rose the most in more than a week on speculation that slower economic growth will prompt policy makers to add more stimulus measures in China, the world’s biggest metals consumer. Copper futures for May delivery climbed 2.2 percent to settle at $3.7205 a pound on the Comex in New York.
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