Southern Copper Corp., the largest producer of the metal in Peru and Mexico, fell the most in almost three months in Lima trading as analysts reduced their ratings of the stock.
Southern Copper, a unit of Grupo Mexico SAB, declined 3.5 percent to $39.79 at 1 p.m. in Lima, the biggest one-day decline on a closing basis since Nov. 6. The stock pared its gain to 11 percent over the past year.
BB&T Capital Markets lowered the stock to the equivalent of sell from hold while JPMorgan Chase & Co. reduced it to hold from buy.
“The stock was hurt by all these reports coming out at the same time,” Edwin Paz, a Lima-based trader with Provalor SAB, said today in a telephone interview.