To The Moon

The Silver and Copper sectors rose an average of ~8.36% and 7.61% respectively at the February 3, 2026 ET market close, primarily driven by a sharp technical rebound and dip-buying after severe prior sell-offs, fueled by renewed industrial demand expectations (especially AI/data centers and clean energy for both metals), supply tightness, and a pause in the US dollar's rally following recent volatility from Fed chair nomination concerns and margin hikes.

This relief rally followed dramatic plunges in precious metals late last week, with silver futures surging over 12% and copper advancing amid broader commodity stabilization.

$S&P 500(.SPX)$ pulled back as investors dumped technology stocks and moved into shares more broadly linked to improvements in the economy. S&P 500 tumbles nearly 1% as investors rotate out of tech, $Dow Jones(.DJI)$ slides more than 160 points.

The best-performing concepts are Silver & Copper. Considering the different perceptions of the stock, this time TigerPicks chose $New Pacific Metals Corp.(NEWP)$ $Hecla Mining(HL)$ $First Majestic Silver(AG)$ $Endeavour Silver(EXK)$ $Silvercorp Metals Inc(SVM)$ $Taseko Mines(TGB)$ $Southern Copper Corp(SCCO)$ $Ero Copper(ERO)$ $Freeport-McMoRan(FCX)$ to have a fundamental highlight to help users understand it better.

1. $New Pacific Metals Corp.(NEWP)$ +11.55%

• Silver futures' violent 12%+ rebound provided massive leverage for this junior explorer.

• Ongoing Bolivia project advancements (Silver Sand/Carangas progress reports and illegal mining curbs) restored confidence after prior dips.

• Analyst consensus remains Strong Buy with price targets ~$4.25–$4.33, fueling dip-buying amid silver's surge.

• High beta exposure to silver spot, combined with record session volume, drove outsized gains in the volatile recovery.

2. $Hecla Mining(HL)$ +8.77%

• Pure-play silver producer directly captured the full rebound as silver futures spiked post-plunge.

• Pre-market/early trading surge (up ~8.3% initially) tied to gold/silver recovery after prior dollar-driven selloff.

• Analyst target hikes (e.g., recent BMO to $28, HC Wainwright to $36.50) and strong 2025 momentum carried into the session.

• Heavy institutional volume reflected dip-buying into oversold precious metals, amplifying beta to the metal rally.

3. $First Majestic Silver(AG)$ +8.04%

• Leveraged pure-silver exposure amplified gains from the 12%+ futures rebound.

• Recent Gatos Silver acquisition synergies and higher production/dividend outlook boosted appeal during recovery.

• Gap-up open and strong call option activity signaled bullish sentiment in the sector relief rally.

4. $Endeavour Silver(EXK)$ +7.70%

• Strong leverage to silver's sharp futures recovery in oversold conditions.

• Recent 2026 guidance (14.6–15.6M AgEq oz, low cash costs $12–$13/oz) supported sentiment amid rebound.

• Sector-wide dip-buying and industrial demand tailwinds (solar/AI) aided quick snap-back.

• Consensus Buy rating with targets ~$13.88 drove participation in the broader precious metals relief move.

5. $Silvercorp Metals Inc(SVM)$ +7.29%

• Captured silver rebound leverage with China exposure adding tailwind from restocking signals.

• Recent PEA filing for Condor Gold Project (Ecuador) enhanced project visibility pre-rally.

• Gap-up open and sector momentum reflected broad relief buying post-oversold plunge.

6. $Taseko Mines(TGB)$ +14.53%

• Highest gainer on copper futures' 3–4% rebound and Florence Copper project progress hype.

• Strong YTD momentum (high beta to copper) amplified by supply tightness and China demand.

• Gibraltar mine higher grades/production outlook drew aggressive buyers in recovery.

• Copper deficit projections and restocking fueled outsized move in the sector rally.

7. $Southern Copper Corp(SCCO)$ +11.74%

• Major producer rode copper futures recovery toward record vicinity.

• Supply constraints (projected deficits ~320k tonnes) and demand (AI/EV) underpinned surge.

• Recent Q4 record sales/EBITDA and long-term capex plan ($20.5B for growth) boosted sentiment.

• Analyst optimism on margins/expansions drove heavy institutional buying in rebound.

8. $Ero Copper(ERO)$ +7.87%

• Pure-play copper exposure to futures rebound from recent highs pullback.

• China end-user replenishment and Beijing stockpiling signals lifted prices.

• Strong YTD performance (147%+ prior) carried momentum into recovery session.

• Industrial demand (data centers/renewables) supported gains despite prior volatility.

9. $Freeport-McMoRan(FCX)$ +6.44%

• Leveraged copper rebound as largest producer benefited from supply crisis outlook.

• Recent earnings beat and Grasberg restart plans refocused on future output growth.

• Analyst upgrades and U.S. copper premium (tariff-related) added tailwind.

• Broader commodity stabilization and demand (EV/green) underpinned solid participation in rally.

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