Eoin Treacy's view In April, I took the view that the pessimism many investors were expressing towards Peru was overdone and wanted to participate on a contrarian basis.

Unfortunately, the US listed Peru tracker was not available to me via my spread-betting service so I decided to open a long in Southern Copper which is the second largest share in the Index behind Telefonica. The Index found support in the region of 18,000 and has since rallied impressively. A sustained move below 20,400 would now be required to check the short-term uptrend.

Southern Copper remained in the region, although mostly below, where I purchased it for the last few weeks. The five-month downtrend remains consistent and it will need to break the progression of lower rally highs, with a move above $37.85, to indicate demand is returning to dominance.

The share yields more than 6% and copper remains in the region of $4 having completely reverted towards the 200-day MA. However, it broke downwards today, extending the downtrend. I had placed a stop close to yesterday's low which was triggered this afternoon at $34.45 against my purchase on April 15th at $36.74 including spread-bet dealing costs.