Changes in Hong Kong stocks | Jiangxi Copper Co., Ltd. (00358) fell nearly 4% in the afternoon, and the copper concentrate processing fee benchmark fell to zero gross profit or pressure on the copper smelting business

The Zhitong Finance App learned that Jiangxi Copper Co., Ltd. (00358) fell nearly 4% in the afternoon. As of press release, it was down 3.11% to HK$36.8, with a turnover of HK$5.58.

According to the news, around December 19, Chilean mining company Antofagasta reached an agreement with a leading domestic copper smelter to set the 2026 copper concentrate processing and refining cost benchmarks at 0 US dollars/ton and 0 cents/lb, respectively, lower than 21.25 US dollars/ton and 2.125 cents/lb in 2025. Guoxin Securities said that zero processing fees are of great warning significance and may prompt relevant departments to introduce “anti-internal circulation” measures for the copper smelting industry, and the long-term pattern of the industry is expected to improve.

Citigroup released a research report. It is expected that the gross profit of the copper smelting business of Jiangxi Copper Co., Ltd. will decline year on year next year, and the long-term smelting and refining business will also face downward pressure. However, due to the expected increase in copper, gold and sulfuric acid prices, the company's overall gross profit may rise next year. Citi raised the target price of Jiangxi Copper's H shares from HK$27.9 to HK$39.8, maintaining a “buy” rating.