Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Southern Copper
So what: Ollanta Humala, whom The Associated Press calls a "leftist military man," claimed victory on Sunday in Peru's presidential election. Last week, various polls indicated that he was either behind or tied, so his victory claim was not expected.
Now what: Early in his campaign, Humala pledged to increase mining royalties and the Peruvian government's control over natural resources such as copper, though later in the election he backed off. Southern Copper is the largest copper producer in Peru. Peru's debt and currency, as well as local silver producer Hochschild Mining, are also weaker on the election news, in an example of the political risk that comes with investing in many countries.
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