Cramer gets behind Southern Copper...again

Southern Copper Corp. (NYSE: PCU) has quietly been putting on quite a show lately. The stock has been setting new highs on a daily basis for the last week or so and last night Jim Cramer got back on the train.

Cramer used to be a big fan of PCU but changed his tune back on November 10 when he decided that the copper industry was about to top out and decided to get bearish. PCU closed out trading on November 10 at $53.04.

Unfortunately for our Mad Money friend he has been missing out on quite a party as the below chart illustrates:



Today the stock is trading up another 2.0% to $63.74 and set yet another new 52-week high earlier in the session at $64.32. Pretty impressive... thanks for the endorsement Jim!

The company said earlier this week that it is planning on boosting its total copper output in 2007 to about 700,000 tons! That should keep the copper-hungry Chinese happy, as that seems to be the country with the greatest appetite for copper these days.

I love this stock. I have been a fan of PCU for years, mainly due to its impressive dividend yield which is currently running at an annual 11.2%. You just can't beat that, and watching the daily new highs just adds the cherry on top for PCU shareholders.

For those of you who seek out high dividend plays, this is definitely a stock that you should check out.

[DISCLOSURE NOTE: PCU is a long term holding in my personal portfolio.]

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.