On August 7, JIANGXI COPPER rose 3.29% in regular trading, trading at HKD 39.68/share, with turnover of HKD 107 million.
On the news front, Citi published a research report initiating a 30-day positive catalyst watch on the company, maintaining a Buy rating with an H-share target price of HKD 49.5. The bank holds a constructive view on copper prices over the coming weeks, citing physical tightening signs in China's spot market. Citi expects copper prices to reach USD 14,500 per ton within three months, with a year-end target of USD 15,000 per ton, and estimates that every 10% rise in copper prices would boost the company's net profit by 8%.
Additionally, SHFE copper inventory has fallen to 69,000 tons, declining over 110,000 tons year-to-date to an annual low. The company previously issued a profit alert forecasting H1 net profit attributable to shareholders to grow 81% to 104% year-over-year, with fundamentals remaining robust. The company is also scheduled to hold a shareholder meeting on August 7 to vote on the proposed spin-off of its subsidiary Jiangxi Copper Foil for a Hong Kong listing.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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