Forget Southern Copper: 1 Domestic Copper King to Buy Hand Over Fist as the Global Supply Crunch Intensifies Quick Read – Freeport-McMoRan trades at half Southern Copper’s valuation multiples while directly capturing tariff-driven COMEX premiums as America’s largest domestic…
pper producer. – Southern Copper trades at a forward P/E of 39 despite declining production, carrying six strong sell ratings and zero strong buys. – Kathleen Quirk targets a 60% U.S. copper production increase from domestic assets alone, with a Bagdad expansion decision expected in 2026. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Freeport-McMoRan didn’t make the cut. Grab the names FREE today
Southern Copper (NYSE:SCCO) is the name on every commodity desk’s lips right now, with the stock up 73.95% over the past year on the back of a screaming copper tape. Southern Copper is the wrong vehicle for the copper supercycle, and the market is starting to figure it out. The stock has already slid 11.23% in the past week, and the fundamentals justify more.
Southern Copper’s $142.89 billion market cap commands a forward P/E of 39 and an EV/EBITDA of 16, premium multiples for a producer whose Q1 2026 results were a pricing story, not a volume story. Copper production actually declined 4.0% year over year, with Peruvian operations off 9.8% on softer ore grades, while the headline $1.92 EPS and 36.2% revenue growth were almost entirely driven by metal price tailwinds the company does not control. Worse, Southern Copper produces nothing in the United States.