Southern Copper rises as UBS upgrades to 'Buy' on higher copper prices

Shares of copper miner Southern Copper SCCO.N rise 1.6% to $91.80

Brokerage UBS upgrades SCCO to "buy" from "neutral", PT at $120

PT represents a 30.6% upside to the stock's last close

Brokerage sees SCCO to benefit from higher copper price with the market expected to be in deficit despite macro economic challenges

Expects co's Tia Maria mine project in Peru to support about 10% of its production volume growth over the next 3 to 4 years

"We also expect SCCO to continue to trade at a premium to FCX FCX.N & ANTO ANTO.L due to its reliable operational performance, its high quality portfolio of low-cost long-life assets, its strong balance sheet, its simple structure, and its growth optionality" - brokerage

Stock down ~2% in the past 12 months