$Southern Copper(SCCO.US), $Freeport Mcmoran(FCX.US), and $Global X Copper Miners(COPX.US) all saw slight gains, with very similar magnitudes. Copper prices rose by +11.63% this week, but mining stocks only followed with a gain of two to three percentage points 😳

This round of copper price increases is driven more by interest rate cut pricing expectations after the non-farm payroll data, rather than a genuine recovery in terminal demand — mining companies' cash flows are sensitive to copper prices, and stock prices are currently discounting this logic significantly. The RSI for $Freeport Mcmoran(FCX.US) has already reached 71.5; if copper prices do not receive new upward momentum, a pullback from this level is likely.