We recently published 10 Stocks Crushing Wall Street, AI Stocks Dominate. Southern Copper Corp. (NYSE:SCCO) is one of the top performers on Tuesday.
Shares of Southern Copper jumped to a new 52-week high on Wednesday, adding 8.38 percent to finish at $119.50 apiece as investors loaded positions following copper prices’ rally to a new 15-month high.
In intra-day trading, Southern Copper Corp. (NYSE:SCCO) soared to its highest price of $121.49 before slashing gains to end the day just up by 8.38 percent at $119.50 apiece.
The jump mirrored a rally in prices of copper during the day after Freeport-McMoran Inc. declared force majeure at its Grasberg mine in Indonesia, one of the largest copper mining sites in the world.
During the session, the benchmark three-month copper index at the London Metal Exchange climbed by 3.63 percent to $10,336.50 per metric ton—by far its highest price since May 2024, on expectations that disruptions in the global copper supply would spark an increase in prices and benefit Southern Copper Corp. (NYSE:SCCO) alongside other producers.
Southern Copper Corp. (NYSE:SCCO), for its part, owns and operates copper mines, smelters, and refineries in Peru and Mexico.
While we acknowledge the potential of SCCO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.