The non-ferrous metals sector continued its upward momentum, with Tongling Nonferrous Metals Group Co.,Ltd. (000630) and Jiangxi Copper Company Limited (600362) both hitting daily limit up on October 9th, with Jiangxi Copper Company Limited achieving its second consecutive daily limit up.
On the evening of October 9th, both Tongling Nonferrous Metals Group Co.,Ltd. and Jiangxi Copper Company Limited disclosed stock trading anomaly announcements, emphasizing that the market prices of their main products, cathode copper and gold, have experienced significant cumulative increases.
Tongling Nonferrous Metals Group Co.,Ltd. announced that its stock's cumulative deviation in closing price fluctuations reached 20% over three consecutive trading days, constituting abnormal stock trading activity. After verification, the company confirmed that previously disclosed information requires no corrections or supplements, no unreported material information that could significantly impact stock trading prices has been covered by public media recently, the company's production and operations remain normal, and no major changes have occurred in the internal operating environment. Recently, the market prices of the company's main products, cathode copper and gold, have experienced significant cumulative increases, while copper concentrate processing fees remain at low levels.
Tongling Nonferrous Metals Group Co.,Ltd. is a large-scale, full industrial chain copper production enterprise integrating copper mining, beneficiation, smelting, processing, and trading. Its main products include cathode copper, sulfuric acid, gold, silver, copper foil, and copper strips. The company is one of China's largest cathode copper producers with annual cathode copper production capacity exceeding 1.7 million tons, and possesses annual production capacity of 80,000 tons for various high-precision electronic copper foils. The company has independently developed high-temperature resistant oxygen-free copper strips and HVLP series copper foils. In the first half of this year, Tongling Nonferrous Metals Group Co.,Ltd. achieved operating revenue of 76.08 billion yuan and net profit of 1.441 billion yuan.
Another copper industry leader, Jiangxi Copper Company Limited, announced on the evening of October 9th that its stock price's cumulative deviation in closing price increases reached 20% over three consecutive trading days, constituting abnormal stock trading activity. After verification, the company confirmed that all current production and business activities are operating normally. Recently, the market prices of the company's main products, cathode copper and gold, have experienced significant cumulative increases.
Jiangxi Copper Company Limited's main business encompasses copper and gold mining, beneficiation, smelting, and processing; extraction and processing of rare and scattered metals; sulfur chemicals; and trading. The company has established a complete industrial chain covering exploration, mining, beneficiation, smelting, and processing in copper and related non-ferrous metals sectors, serving as an important production base for copper, gold, silver, and sulfur chemicals in China.
In the first half of 2025, influenced by year-over-year increases in metal prices, Jiangxi Copper Company Limited achieved net profit of 4.175 billion yuan in the first half of the year, representing a 15.42% year-over-year increase.
Notably, during the National Day and Mid-Autumn Festival holiday period, international gold prices broke through the $4,000 per ounce barrier, continuously setting new historical highs. Meanwhile, copper prices have also been reaching new highs recently.
CITIC Securities believes that precious metals such as gold and silver, along with cryptocurrencies, experienced significant gains during the National Day and Mid-Autumn Festival holidays. The surge in international gold prices was primarily driven by short-term volatility caused by potential U.S. government shutdowns, short-term uncertainty from political changes in Japan, expectations of continued Federal Reserve interest rate cuts, and ongoing global central bank gold purchases. U.S. government shutdown disruptions and expectations of future rate cuts and recession have heightened global investors' concerns about U.S. dollar credibility and U.S. sovereign debt, further driving up prices of precious metals like gold and silver, as well as cryptocurrencies. Simultaneously, under the logic of supply shortages and the computing power revolution, copper prices have also strengthened significantly recently.
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