Citi has reaffirmed its "Buy" rating for China Molybdenum (CMOC, 03993.HK) while maintaining an HK$11.20 price target. The mining giant issued a positive profit alert projecting first-half net earnings between RMB 8.2 billion and RMB 9.1 billion – marking a substantial 51.4% to 68% year-on-year surge. This range represents 61% to 67% of Citi's full-year forecast, though it narrowly undershot the bank's projections.

Second-quarter performance revealed net profit growth of 27% to 54% annually alongside 8% to 31% sequential expansion. CMOC attributed the H1 profit surge primarily to climbing copper-cobalt product prices and heightened copper sales volumes. Production metrics showed copper output rising 12.7% year-on-year during the half, with cobalt production increasing 13.1% – collectively achieving 54% of Citi's annual estimates.

Quarterly production analysis indicated copper output grew 10% year-on-year in Q2, accelerating 7.3% from Q1 levels. Cobalt production witnessed a 6.4% annual increase during the same period, edging up 0.8% quarter-over-quarter. These operational gains demonstrate CMOC's strengthened position amid favorable commodity pricing dynamics.