Jiangxi Copper Co., China’s largest smelter of the metal, reported a 64 percent drop in first-quarter profit because of falling prices according to Bloomberg News.
Net income declined to 347 million yuan ($55.5 million), or 0.10 yuan a share, in the three months ended March 31, compared with 971 million yuan, or 0.28 yuan, a year earlier, Jiangxi Copper said today in a statement. Sales fell 10 percent to 41.3 billion yuan.
At CNY 50,900 ($8,145) per metric ton, Chinese copper bar moved up 3.2 percent on Friday, April 25, the day’s biggest change. The cash price of Chinese copper rose 3.2 percent to CNY 51,100 ($8,177) per metric ton. Chinese copper wire gained 2.8 percent to finish at CNY 49,680 ($7,950) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,089) per metric ton.
The price of US copper producer grade 122 rose 1.3 percent to $3.83 per pound. After a 1.3 percent increase, the price of US copper producer grade 110 finished the day at $3.83 per pound. The price of US copper producer grade 102 inched up 1.3 percent to $4.02 per pound. The cash price of primary Japanese copper fell 0.1 percent to JPY 713,000 ($6,968) per metric ton.
On the LME, the primary copper cash price rose 1.4 percent to $6,730 per metric ton. At $6,720, the 3-month price of copper finished the market day on the LME up 1.3 percent per metric ton.