SHANGHAI, Mar. 28 (SMM) – Jiangxi Copper Co. posted a 31.65% year-on-year fall in 2013's net profit due to lower prices of the red metal.
Net profit at China’s largest copper smelter was 3.57 billion yuan ($581 million) or 1.03 yuan per share last year, the company told Shanghai Stock Exchange today.
``In 2014, copper prices are faced with dual pressure from macro economy and the market’s fundamentals, but still, increases in mining costs are lending certain support for the prices,’’ Jiangxi Copper said in its full-year financial report.
Average copper prices on the London Metal Exchange slipped to $7,310 per tonne in 2013 from $7,960 per tonne a year ago due to ``a fundamental shift in the copper market’’, the company noted in the report.
Jiangxi Copper produced 1.12 million tonnes of copper cathodes last year, an increase of 3.25% from a year ago, and 208,800 tonnes of copper concentrate, in the metal content which was flat with the year before, it said.
It plans to make the same amount of cathodes this year and 209,000 tonnes of copper concentrates, it added.