How Is The Market Feeling About Southern Copper?
Portfolio Pulse from Benzinga Insights
Southern Copper (NYSE:SCCO) has seen a 3.4% decrease in short interest since its last report, with 5.79 million shares sold short, representing 6.81% of its float. The average time to cover these short positions is 4.77 days. While a decrease in short interest can indicate a more bullish sentiment, it does not necessarily predict a near-term price rise. Southern Copper has a higher short interest compared to its peers, with an average of 3.54% in the peer group.
January 08, 2024 | 6:30 pm
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Southern Copper's decrease in short interest may suggest a more bullish sentiment among investors, potentially leading to a short-term positive impact on the stock price.
A decrease in short interest typically indicates that investors are less bearish on a stock, which can lead to a short-term increase in its price. However, the article also cautions that this does not guarantee a price rise. The higher short interest relative to peers could have previously put downward pressure on the stock, so a reduction in short interest might alleviate some of that pressure.
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