SHANGHAI, May 4 (SMM) - Jiangxi Copper Co.’s Q1 earnings report released April 29 shows net profit belonging to the parent company was 191 million yuan in Q1 2016, up 6,430% year-on-year, according to Cinda Securities.
Improvement in the nonferrous metals sector is attributable to the leap in its profit. LME copper rose 3.89% in the first quarter, while SHFE copper was up 3.09%. Downstream orders also picked up, especially from copper wire and plate sectors.
It also capitalized on its resources advantage. It has six mines under operation, and owns the largest copper mine in China, which has copper capacity of 210,000 tonne per year.
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