Southern Copper updates Peru labor negotiations Southern Copper says Peru labor negotiations have been conducting negotiations with eight Peruvian unions whose collective bargaining agreements expired in 2012. In January 2013, we signed a three year agreement with three unions which includes, among other things, annual salaries increases of 6%, 5% and 5% for each of the three years, respectively. We are confident that we will reach a satisfactory agreement with the remaining workers’ unions in the coming days.
Southern Copper downgraded to Neutral from Overweight at JPMorgan JPMorgan analyst Rodolfo Angele downgraded Southern Copper (SCCO) to Neutral after the firm cut its nickel and copper price estimates to reflect soft demand in China and a lack of rebound in Western European and North American demand. Angele cut his price target for shares to $31.50 from $37. He also lower his price target for Vale (VALE) to $5.50 from $7.50 and kept a Neutral rating on the name.