Mar 22, 2011 (Fresh Brewed Media via COMTEX) -- Southern Copper Corp. (NYSE: SCCO) closed Monday's trading session at $40.27. In the past year, the stock has hit a 52-week low of $25.56 and 52-week high of $50.35. Southern Copper stock has been showing support around $38.90 and resistance in the $41.60 range. Technical indicators for the stock are Bearish. For a hedged play on this stock, look at the Jun '11 $40.00 covered call for a net debit in the $37.72 area. That is also the break-even stock price for this trade. This covered call has a duration of 88 days, provides 6.33% downside protection and an assigned return rate of 6.04% for an annualized return rate of 25.07% (for comparison purposes only). A lower-cost hedged play for this stock would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the SCCO Jan '12 $30.00 call and selling the Jun '11 $40.00 call for a total debit of $8.45. The trade has a lifespan of 88 days and would provide 4.52% downside protection and an assigned return rate of 18.34% for an annualized return rate of 76% (for comparison purposes only). Southern Copper has a current annual dividend yield of 5.75%.