Parking south of copper trophy (3)
I believe the answer is:
cup
'trophy' is the definition.
(cup is a kind of trophy)
'parking south of copper' is the wordplay.
'parking' becomes 'p'.
'south of' means one lot of letters go next to another.
'copper' becomes 'cu' (chemical symbol).
'p' after 'cu' is 'CUP'.
(Other definitions for cup that I've seen before include "Trophy, drink" , "Drinking bowl" , "'There's many a slip 'twixt ... and lip.'" , "Chalice; trophy" , "Trophy; drinking vessel" .)