Volume of both SCCO and FCX was 150% of average on July 3. I would have expected volume preceeding a long holiday weekend to be pretty low. Someone besides you and me has decided its a good time to be buying copper.
Copper demand is robust and warehouse storage numbers are very low. Also, rumors about Chinese break-down were slightly exaggerated, as it always happens with the rumors propagated around time of Chinese New year. Hint: China has vested interest to keep major commodity prices low.
SCCO runs on positive momentum now and it can be sufficient to get in mid-to-high 30s around time of next earning release.