JIANGXI COPPER (00358) saw its shares rise 4.83% in afternoon trading, reaching HK$38.24 with a turnover of HK$226 million.

On April 28, the company released its first-quarter report for 2026, showing revenue of RMB 139.124 billion, a year-on-year increase of 25.39%. Net profit attributable to shareholders was RMB 2.818 billion, up 44.31% compared to the same period last year. Basic earnings per share stood at RMB 0.82.

Citi previously stated that its baseline forecasts for copper and gold prices this year are $12,375 per ton and $4,775 per ounce, respectively. If copper or gold prices rise 10% above these benchmarks, the bank estimates the company’s net profit would increase by 8% and 3%, respectively, year-on-year.

Citi further noted that its baseline forecast for sulfuric acid prices this year is RMB 1,255 per ton. Assuming a 10% increase from this benchmark, the bank projects Jiangxi Copper’s net profit would grow by 5%. Benefiting from strong sulfuric acid prices and a high proportion of favorable long-term treatment and refining charges (TC/RC) contracts, Citi expects the company’s smelting business to remain profitable.