SCCO - broadly falling lower

Southern Copper (SCCO) failed to participate in the index bounce today, and instead held onto declines, closing -3.1% @ $31.71. Near term trend looks very weak, and next key support is the mid April low in the $30s. A break of 30 will open up $29 early next week.


SCCO, daily

Summary

Suffice to say, SCCO is suffering from what remain weak commodity prices. Copper hasn't broken the $3 threshold yet, but it still might, and if that's the case, the mining sector as a whole - including SCCO, will see much more severe falls later this year.

Underlying MACD (blue bar histogram) cycle is ticking lower, and is set to go negative at the Friday open.

A break under $30 does look more likely than not, if the main indexes can hold the sp'1600s across next week.