Eoin Treacy's view Southern Copper which mines in Mexico and Peru hit a peak near $50 in January and has pulled back sharply. The pace of the decline accelerated somewhat this week as speculation mounted that Peru would nationalise some mining assets following the June Presidential run off. However, the Index is currently bouncing and there is scope for the share to at least partially unwind its short-term oversold condition. I opened a long in the December contract paying $36.74 including spread-bet dealing costs.