Southern Copper Corporation engages in mining, exploring, producing, smelting, and refining copper and other minerals in Peru, Mexico, and Chile. It is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce anode copper; and refining of anode copper to produce copper cathodes, as well as refined silver. The company operates Toquepala and Cuajone mines in the Andes Mountains located to the southeast of the city of Lima, Peru, as well as a smelter and refinery in the coastal city of Ilo, Peru. It also operates La Caridad and Buenavista copper mines, and smelting and refining plants in Mexico. In addition, the company operates five underground mines that produce zinc, copper, lead, silver, and gold; a coal mine which produces coal and coke; and a zinc refinery. It has 145,064 hectares of mineral rights in Peru; 176,250 hectares of exploration concessions in Mexico; 1,068 hectares of exploration concessions in Argentina; 35,958 hectares exploration concessions in Chile; and 2,544 hectares of exploration concessions in Ecuador. The company was founded in 1952 and is based in Phoenix, Arizona. Southern Copper Corporation is a subsidiary of Americas Mining Corporation.
Please take a look at the 1-year chart of SCCO (Southern Copper Coproration) below with my added notations:
There are (2) main price levels to watch on SCCO. First, the $30 level (red) was not only support from January thru April, but it has also been resistance here recently as the stock has tried to push back above it. The other level to watch is the $28 (blue) support level that has been formed over the last month or so.
The Tale of the Tape: The main levels to watch on SCCO are $28 and $30. You could buy SCCO if it comes down to $28 or breaks above $30. Short plays could be made on a rally up to $30 or on a breakdown of the $28 support.
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