Jiangxi Copper Sees Higher Prices as It Plans to Raise Output [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
hkexgroup.com/investor-relations?sc_lang=en
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Source: BNN Bloomberg
rates, while pledging to maintain double-digit growth in output despite calls to rein in production. Chinese smelters, including Jiangxi, said earlier this month they would control capacity in response to a tightening in global concentrate supplies following a slew of cutbacks at major mines. That has pushed the industry into cut-throat competition as processing fees on the spot market have fallen to near nothing. Still, shrinking margins haven't deterred Jiangxi, which plans to increase refined copper output this year by 11% to 2.32 million tons, according to its earnings report on Wednesday. It follows a 14% increase in 2023, although the smelter said the target could be adjusted based on market conditions, while flagging the likelihood of production cuts at some of its peers who rely more on the spot market. China's smelters are meeting again in Shanghai on Thursday to discuss the market outlook and possible output cuts. Copper's Rally Copper rallied to an 11-month high e
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