Southern Copper just posted its Q3 2026 scorecard and the share price barely flinched in the right direction. The stock slipped about 2% in the first full session after the release, even as basic earnings per share reached about US$2.15 and quarterly net income came in near US$1.8b. That tension between red ink on the screen and strong profit power is the real story. The market looks more worried about the rich P/E multiple and stretched valuation signals than the earnings engine that is still throwing off substantial cash.

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