Shares of Southern Copper Corporation (SCCO) Sees Large Outflow of Money

Southern Copper Corporation (SCCO) : Money flow in the Southern Copper Corporation (SCCO) stock was negative (1.94 million) on Wednesday, which shows that the investors used the strength in the stock price to reduce their holdings. The total traded value on upticks was $1.11 million, compared to $3.06 million on downticks. The total uptick to downtick ratio was 0.36, indicating the underlying weakness in the stock. Even in block trades, money flow was negative ($1.8 million), indicating selling on the strength. Downtick transaction value in block trades amounted to $1.8 million, indicating persistent selling. Southern Copper Corporation (SCCO) traded $0.06 higher at $26.16 gaining 0.23% over the previous days close.


Also, Credit Suisse downgrades their rating on the shares of Southern Copper Corporation (NYSE:SCCO). The current rating of the shares is Underperform. Earlier, the shares were rated a Neutral by the brokerage firm. Equity Analysts at the Firm lowers the price target to $20 per share from $28 per share. The rating by the firm was issued on July 1, 2016.

Southern Copper Corporation (NYSE:SCCO): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $25.96 and $25.76 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $26.23. The buying momentum continued till the end and the stock did not give up its gains. It closed at $26.12, notching a gain of 0.08% for the day. The total traded volume was 927,077 . The stock had closed at $26.10 on the previous day.

The stock has recorded a 20-day Moving Average of 0.69% and the 50-Day Moving Average is 1.64%. In a related news, Rocha Oscar Gonzalez, CEO of Southern Copper Corp/, executed a transaction worth $207,280 on November 27, 2015. A total of 8,000 shares were purchased at an average price of $25.91. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The information is based on open market trades at the market prices.Option exercises are not covered.

Southern Copper Corporation is a copper producer. The Company produces copper, molybdenum, zinc and silver. The Company operates in three segments: Peruvian operations, Mexican open-pit operations and Mexican IMMSA unit. Peruvian operations segment includes the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a precious metals plant industrial railroad and port facilities that service both mines. Mexican open-pit operations segment includes the La Caridad and Buenavista mine complexes and the smelting and refining plants, including a precious metals plant and a copper rod plant and support facilities that service both mines. Mexican IMMSA unit segment includes five underground mines. Its operations include open-pit and underground mining, concentrating, copper smelting, copper refining, copper rod production, solvent extraction/electrowinning, zinc refining, sulfuric acid production, molybdenum concentrate production and silver and gold refining.

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