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Jiangxi Copper Co , one of China’s biggest copper producers, saw profits fall 33% in July-September from the previous quarter as prices for the metal dipped after a stellar rally.
Copper prices surged to a record high this year as demand for the metal widely used in power and construction rebounded amid a supply crunch after coronavirus curbs were lifted, but prices pared back some of those gains in the third quarter.
[Click here for an interactive chart of copper prices]
The Nanchang-based company, which controls both copper mines and smelters, said in a filing to the Shanghai Stock Exchange its net income in July-September was 1.46 billion yuan ($228.2 million).
That was down from 2.18 billion yuan in the second quarter, which was Jiangxi Copper’s best result in 10 years, but still up 85.9% year-on-year as copper prices remain higher than in 2020.
Third-quarter revenues were down around 11.5% from the previous quarter at 110.46 billion yuan, but up 37.6% on the year.
The company did not provide a reason for the quarter-on-quarter decline but benchmark London copper prices fell for the first quarter in six in July-September, shedding 4.7% after striking a record high of $10,747.50 in May.
Prices are still up more than 24% year-to-date, with demand for the metal buoyed as economies reopen from coronavirus curbs and as concerns over tight supply linger.
Jiangxi Copper did not report any third-quarter production data in its filing.
($1 = 6.3978 Chinese yuan)
(By Tom Daly; Editing by Ana Nicolaci da Costa)
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