JIANGXI COPPER Shares Surge Over 5% Intraday as Global Copper Prices Hit New Record Highs

Deep News11:20

Shares of JIANGXI COPPER (00358) surged more than 5% during intraday trading, and as of the latest update, the stock rose 3.76% to HK$39.74, with a trading volume of HK$443 million.

Driven by the Democratic Republic of Congo's ban on copper concentrate exports, global copper prices have once again reached historic highs. Citigroup expressed a constructive outlook on copper prices over the coming weeks, noting signs of physical tightening in China's spot market. The bank expects copper prices to hit $14,500 per tonne within the next three months, with a year-end target of $15,000 per tonne. According to Citigroup's estimates, a 10% rise in copper prices would boost JIANGXI COPPER's net profit by 8% in 2026.

Notably, JIANGXI COPPER plans to spin off its subsidiary, Jiangxi Copper Foil, for a Hong Kong listing. The company will hold an extraordinary general meeting on August 7 to consider related proposals. If completed, the spin-off could unlock the value of Jiangxi Copper Foil and optimize the company's structure.

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