HK Stock Market Move | JIANGXI COPPER (00358) rose over 4% in the afternoon, with a year-on-year increase of more than 40% in net profit attributable to mother in the first quarter. Citi expects the smelting business to remain profitable.

JIANGXI COPPER (00358) rose more than 4% in the afternoon, rising 4.39% as of the time of writing, to HK$38.08, with a turnover of HK$2.11 billion. On the news front, on April 28, JIANGXI COPPER released its first quarter report for 2026. The group achieved operating income of RMB 139.124 billion, an increase of 25.39% year-on-year; net profit attributable to shareholders of listed companies was RMB 2.818 billion, an increase of 44.31% year-on-year; basic earnings per share were RMB 0.82. Citigroup had previously stated that its benchmark forecasts for copper and gold prices this year were US$12,375 per ton and US$4,775 per ounce, respectively. If copper or gold prices rise 10% above the benchmark, the company's net profit is expected to increase by 8% and 3% respectively. Citigroup continued that its benchmark forecast for sulfuric acid prices this year is RMB 1,255 per ton, assuming a 10% increase in sulfuric acid prices above the benchmark, the bank estimates that Jiangxi Copper's net profit will increase by 5% this year. The bank believes that, benefiting from strong sulfuric acid prices, as well as high proportion and favorable prices of long-term smelting and refining copper (TC/RC) contracts, the bank expects the company's smelting business to remain profitable.