Nonferrous Metals Industry H1 Profits Up 2.4-Fold

BEIJING, July 26 -- China's nonferrous metals industry recorded a 2.4-fold year-on-year increase in profits to 59.5 billion yuan in the first five months, reports secutimes.com, citing the National Development and Reform Commission.

Total production of 10 major types of nonferrous metals increased 31.3 percent year-on-year to 15.29 million tons in the first half.

The spot prices of copper, electrolytic aluminum, lead and zinc in the domestic market in June rose 28.9 percent, 6.2 percent, 9.2 percent and 10.9 percent year-on-year to hit 52,303 yuan per ton, 14,554 yuan per ton, 14,632 yuan per ton and 15,020 yuan per ton, respectively. Compared with the previous month, prices fell 5.1 percent, 4.6 percent, 4.1 percent and 9.4 percent, respectively.

The nonferrous mining and dressing industry recorded profits of 17.5 billion yuan in the first half, an increase of 1.3-fold year-on-year.

The nonferrous metals smelting and rolling processing industry posted profits of 42 billion yuan in the first half, an increase of 3.3-fold year-on-year.

Shares of Minmetals Development (600058) dropped 0.49 percent to close at 16.09 yuan today.