The Zhitong Finance App learned that Jiangxi Copper Co., Ltd. (00358) rose more than 5%. As of press release, it had risen 5.1% to HK$17.32, with a turnover of HK$225 million.

According to news, copper prices accelerated in April. As of the end of April, Shanghai Copper's main contract closed at 8,2460 yuan/ton, a monthly increase of 13.62%. The March contract for Luntong Electric closed at 9976.5 yuan/ton, a monthly increase of 12.51%. Goldman Sachs previously raised its copper price target by 20% to 12,000 US dollars per ton at the end of the year. Goldman Sachs believes that refining supply is becoming increasingly constrained, leading to inevitable future shortages.

UBS indicated that Jiangtong's first-quarter results were in line with expectations. The bank mentioned that in the first quarter of this year, China's copper price (excluding VAT) increased 1.7% quarterly to 61,347 yuan per ton. Based on Jiangtong's annual guide production of 200,000 tons, if production is shared evenly every quarter, copper prices are expected to increase gross profit by 52 million yuan on a quarterly basis. As for the increase in gold prices by 4% quarterly in the first quarter, if we calculate 5 tons of metal by-products from Jiangtong's own mining last year, it is expected to drive a quarterly increase of 25 million yuan in gross profit with an average share of quarterly production.