US Stock Market Move | Southern Copper Corporation (SCCO.US) rises more than 4% as global copper mine production continues to face force majeure.

On Monday, Southern Copper Corporation (SCCO.US) rose more than 4%, reaching $122.25. On the news front, recent global copper mining production has been hit by a series of force majeure events. According to a report from Minmetals Futures, the Indonesian Grasberg copper mine under Freeport was severely damaged by a mudslide, with copper production expected to decrease by about 35% in 2026, reducing 270,000 tons from the original plan. So far this year, the Kamoa-Kakula copper mine in Congo (DRC) has reduced production by 150,000 tons due to a mining seismic event, while the El Teniente copper mine under Chile's National Copper Corporation has also shut down production due to a collapse accident. According to data from CSC Futures, the spot TC (treatment charge) for copper concentrates in the third quarter of 2025 continued to stay in the deep negative value range of -$40/ton, hitting a historical low. Despite a 14.8% year-on-year increase in refined copper production in China to 1.301 million tons in August, 10 smelters in China are scheduled to undergo maintenance from September to October, resulting in an estimated sequential decrease of 14,000 tons in production. The tightness in the ore market is gradually being transmitted to refined copper supply.