Why Southern Copper Stock Rose 15% in April
Shares of copper miner Southern Copper (NYSE: SCCO) advanced 15% in April, according to data from S&P Global Market Intelligence. That gain slightly outdistanced the 13% upturn in the S&P 500 index during the month. However, when Southern Copper reported first-quarter earnings at the end of the month, the news was clearly not all good.
Southern Copper is one of the world's largest copper miners. Copper is an industrial metal that belongs to an industry that tends to ebb and flow with the economy. With the world's efforts to slow the spread of COVID-19 basically leading to a broad economic shutdown, copper demand and prices are likely to fall. That dynamic, however, was only in play for a short period during the first quarter, which is why Southern Copper's earnings were rather disappointing.
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Source Fool.com
