HK Stock Market Move | JIANGXI COPPER (00358) rose over 5% in early trading as global copper prices hit a new historic high. The company plans to spin off Jiangxi Copper Foil for listing.

Jiangxi Copper (00358) surged over 5% in early trading. As of the time of writing, it has risen by 4.86%, trading at HKD 40.16, with a transaction volume of HKD 315 million. On the news front, global copper prices have hit new historical highs due to the Democratic Republic of Congo's ban on copper concentrate exports. Citibank has expressed a constructive outlook on copper prices for the coming weeks, noting signs of physical tightening in the Chinese spot market. It expects copper prices to reach USD 14,500 per ton within the next three months, with a year-end target price of USD 15,000 per ton. The bank estimates that for every 10% increase in copper prices, Jiangxi Copper's net profit in 2026 will rise by 8%. It is noteworthy that Jiangxi Copper plans to spin off its subsidiary Jiangxi Copper Foil for a listing in Hong Kong and will hold an extraordinary shareholders meeting on August 7 to deliberate on the relevant proposals for the spin-off. If the spin-off is successful, it will help unlock the value of Jiangxi Copper Foil and optimize the company's structure.