Core Viewpoint - The precious metals sector experienced a strong rally, with significant gains in various companies, driven by a rebound in gold and silver prices, indicating a positive outlook for the long-term precious metals market despite short-term risks [1] Group 1: Market Performance - Southern Copper Corporation (SCCO.US) rose over 7% - Freeport-McMoRan Copper & Gold (FCX.US) and First Majestic Silver (AG.US) increased by more than 5% - Pan American Silver (PAAS.US) gained over 4% - Newmont Corporation (NEM.US) saw an increase of over 3% [1] Group 2: Price Movements - Spot gold surged over 5%, surpassing $4900 - Spot silver jumped over 12%, reaching $88.76 [1] Group 3: Analyst Insights - UBS Global Research analyst Joanie Teves released a report indicating that while gold faces short-term price pressure, the long-term outlook remains positive - Teves believes that uncertainty in the global financial system and concerns about future economic trends will continue to drive demand for gold - The advantages of gold as a safe-haven asset will become more pronounced amid changes in Federal Reserve policy and increasing international political risks, suggesting significant upside potential for gold prices in the long term [1]

Quick Read Southern Copper (SCCO) expects 2026 revenues of $16B up 17% and produced record 2025 sales of $13.42B. Freeport-McMoRan (FCX) beat Q4 earnings at $0.47 per share. Revenues of $5.63B exceeded expectations by 9%. Global copper deficit expected at 320,000 tons in 2026. Inventories stand at just 14 days of demand. Investors rethink 'hands off' investing and decide to start making real money Billionaire mining executive Robert Friedland addressed the USC Marshall Energy Business Summit back i ...

Company Overview - Southern Copper (SCCO) shares increased by 4.9% to $207.93 in the last trading session, with a notable trading volume, contributing to a 38.1% gain over the past four weeks [1] - The stock's rise is attributed to a significant increase in copper prices, which have risen by 40.8% over the past year, currently trading near a record high of $6 per pound due to tightening supply concerns [1] Earnings Expectations - Southern Copper is projected to report quarterly earnings of $1.46 per share, reflecting a year-over-year increase of 44.6%, with revenues expected to reach $3.62 billion, a 30% increase from the same quarter last year [2] - Despite positive earnings and revenue growth expectations, a recent revision of the consensus EPS estimate has been lowered by 1.3% over the last 30 days, indicating a potential negative trend in earnings estimate revisions [3] Industry Context - Southern Copper operates within the Zacks Mining - Non Ferrous industry, where another company, Coeur Mining (CDE), experienced a 4.1% decline in its stock price, closing at $24.57, despite a 43.7% return over the past month [3] - Coeur Mining's consensus EPS estimate has decreased by 15.9% over the past month to $0.33, although this still represents a 200% increase compared to the previous year [4]

铜月报（2026 年1月） 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 2026-1-30 中航期货 目录 02 行情回顾 01 后市研判 03 宏观面 04 基本面 | 1 | | | --- | --- | | 0 | | | 判 | T | | 研 | R | | A | | | 市 | P | | 后 | | 1月铜价波动加剧 1月铜价波动加剧 建议回调偏多对待 | 流 | | 件， | | --- | --- | --- | | 金 | | 事 | | 资 | | 断 | | 和 | | 中 | | 绪 | | 营 | | 情 | | 运 | | 产 | | 发 | | 资 | | 频 | | 球 | | 区 | | 全 | | | | 响 | | 产 | | | | 主 | | 影 | | 等 | | 级， | | 金） | | 升 | | （ | | 险 | | 果 | | 风 | | 刚 | | 在 | | | | 潜 | 间。 | 鲁、 | | 缘 | 空 | 秘 | | 地 | 的 | | | 改， | 定 一 | 利、 智 | | 不 | 有 | | | 期 ...

Core Insights - Southern Copper Corporation (SCCO) has achieved a total return of 108%, significantly outperforming the S&P 500's 14% return over the past year [1] Group 1: Investment Strategy and Analysis - The analysis is based on a model that combines quantitative and fundamental analysis, allowing for an objective assessment of public companies [1] - The focus is on comprehensive and in-depth analysis of financial statements of mega and large-cap companies, with updates conducted quarterly [1] - The main investment strategy involves regularly purchasing shares with a portion of income intended for long-term holding [1] Group 2: Analyst Background - The analyst has a background in economics and has been investing and trading since 2005, with a focus on US equities since 2018 [1] - Prior experience includes being part of TopStepTrader, having passed the combine for a funded trader [1] - The motivation is to assist private investors in making informed decisions through a fact-based analysis approach [1]

Core Insights - Southern Copper Corporation reported a 39% year-over-year increase in revenue to $3.87 billion, surpassing analysts' expectations of $3.73 billion [1] - Net profit rose by 64.7% year-over-year to $1.31 billion, with adjusted earnings per share of $1.56, exceeding the forecast of $1.54 [1] - The strong performance was primarily driven by increased sales volumes of copper, molybdenum, zinc, and silver, along with rising prices for all major products [1]

Group 1 - The copper mining sector saw a collective pre-market rise, with Ero Copper increasing over 9%, Taseko Mines nearly 9%, Southern Copper up nearly 8%, and Hudbay Minerals rising close to 6% [1] - The price of copper futures surged over 10% during the day, reaching a historical high [1] - Market analyst Divyang Shah noted that while copper's year-to-date increase is less than that of gold and silver, the fundamentals supporting its bullish trend are strong [1] Group 2 - Factors driving the copper market include concerns over the independence of the Federal Reserve, ongoing geopolitical risks, expectations of a weaker dollar, fragmented supply chains, and preemptive market positioning against supply shocks [1] - Additionally, new demand from the artificial intelligence sector is contributing to the investment interest in copper [1]

南方铜业首席财务官周三在投资者电话会议上表示，这家在秘鲁和墨西哥拥有项目的公司预计今年铜产 量为91.14万吨，2027年将"略高于90万吨"。这一数字低于去年954,270吨的产量，主要受秘鲁Toquepala 和Cuajone矿山品位下降影响。白银价格飙升促使这家矿商将重点转向提升这种通常作为副产品的贵金 属产量。目前国内铜精矿加工费仍然弱势运行，在战略性资源争夺愈发激烈之际，矿紧局面对铜价的支 撑仍然存在。 沪铜早间仅小幅飘红，午前涨势启动，主力合约最高触及110970元，再创上市新高，收盘上涨6.71%。 伴随着贵金属持续狂飙，美指重心大幅下移，部分金属刷新阶段性高位，多头情绪继续外溢，叠加南方 铜业预计未来两年铜产量将下降消息提振，沪铜涨势重燃。 （文华综合） 最近内外交易所铜库存仍然呈现回升姿态，不过国内精铜社会库存累积势头有所放缓。由于周内上海市 场部分仓库到货量有所减少，但临近月底，下游企业采购需求难有明显提升，市场出库量相对一般；而 广东、江苏市场国产货源到货量有限，仓库入库量较少，库存因此下降。 对于铜价走势，光大期货表示，近期地缘政治搅局下，影响市场对全球经济稳定性的信心，另外近期高 铜 ...

南方铜业（Southern Copper）预计未来两年铜产量将下降，原因是秘鲁主要矿山的矿石品位下降。白银价格飙升促使这家矿商将重点转向提升这种通常作为 副产品的贵金属产量。 该公司首席财务官Raul Jacob Ruisanchez周三在投资者电话会议上表示，这家在秘鲁和墨西哥拥有项目的公司预计今年铜产量为91.14万吨，2027年将"略高于 90万吨"。这一数字低于去年954,270吨的产量，主要受秘鲁Toquepala和Cuajone矿山品位下降影响。 SMM联合制作联系人 刘明康 156 5309 0867 liumingkang@smm.cn 南方铜业周二发布的声明重申其长期目标：到2033年实现160万吨铜产量。 （文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/470opZ19l/。 Ruisanchez指出，南方铜业在墨西哥Buenavist ...

Summary of Southern Copper Corporation (SCCO-US) 4Q25 Earnings Call Company Overview - **Company**: Southern Copper Corporation (SCCO-US) - **Industry**: Mining, specifically copper production Financial Performance - **Revenue**: Increased by 15% quarter-over-quarter to $3.87 billion [1] - **Adjusted EBITDA**: Increased by 17% quarter-over-quarter to $2.31 billion [1] - **Net Profit**: Increased by 18% quarter-over-quarter to $1.31 billion, equivalent to $1.56 per share, slightly above market expectations [1] Copper Production and Sales - **Copper Production**: Increased by 3% quarter-over-quarter to 242,000 tons, aligning with market expectations [1] - **Copper Sales**: Increased by 1% quarter-over-quarter to 236,000 tons, generally meeting market expectations [1] - **By-Product Production**: - Zinc: Increased by 2% quarter-over-quarter to 46,200 tons [1] - Silver: Increased by 5% quarter-over-quarter to 6.55 million ounces [1] - Molybdenum: Decreased by 3% quarter-over-quarter to 770 tons, slightly below market expectations [1] Operational Costs - **Copper Operating Cash Cost**: - Before by-product revenue: Increased by 3% quarter-over-quarter to $2.29 per pound [1] - After by-product revenue: Increased by 24% quarter-over-quarter to $0.52 per pound [1] Dividends - **Quarterly Dividend**: Board approved a cash dividend of $1.00 per share and a stock dividend of 0.0085 shares, equivalent to approximately $1.53 per share based on the average price of $179.93 on January 22 [1] Capital Expenditure - **Capital Expenditure**: Increased by 21% year-over-year to $423 million, primarily due to accelerated development of the Tia Maria project [1] Project Updates - **Tia Maria Copper Mine**: - Planned annual production of 120,000 tons of copper. - As of the end of 2025, $790 million has been invested in capital expenditures (total project capex is $1.8 billion) [1]. - Current progress includes initiation of earthworks at La Tapada, procurement of secondary and tertiary crushing metal structures, and completion of main substation earthworks [1]. - **Los Chancas Copper Mine**: - Planned annual production of 130,000 tons of copper. - Community and environmental work is ongoing, but illegal mining remains a challenge; the company plans to take action with authorities [2]. - Projected production start date updated from 2032 to 2031 [2]. - **Michiquillary Copper Mine**: - Planned annual production of 225,000 tons of copper. - Geological information for estimating mineral resources has been audited, and the company will use this to estimate reserves and develop mining plans [2].