Southern Copper lost 7.42% during a tech sell-off — The Rio Times

On the U.S. stock market, shares of mining company Southern Copper fell 7.42% on October 30, to $177.53 per share. Freeport-McMoRan shares lost 5.55% and closed at $62.47. Both companies recorded their lowest closing prices in at least three months, The Rio Times reports.

Shares fell more sharply than copper

The CPER fund, which tracks copper futures, declined by 1.86% to $38.99. Thus, the drop in Southern Copper and Freeport-McMoRan shares was several times deeper than the decline in the value of the instrument linked to copper futures.

According to the publication, pressure on mining companies’ shares intensified amid a broad sell-off in risk assets. The Nasdaq index fell by 2.86%, while the S&P 500 declined by 1.82%. Investor sentiment was also affected by an almost 30% drop in shares of chipmaker Intel.

More current news is available on the UA.News Telegram channel Telegram.

Supply from Chile declined

At the same time, data on the physical copper market indicate tighter supply. Chile’s National Statistics Institute reported that copper production in September decreased by 15.1% year-on-year, to 387,870 tonnes. The period from July through September was the weakest quarter of 2026 in terms of production volume in the country.

Chile’s copper commission Cochilco on the same day raised its forecast for the metal’s average price in 2027 from $5.10 to $5.95 per pound. After two days of decline, CPER was 5.9% below the $41.43 high recorded on September 22.