HK Stock Market Move | JIANGXI COPPER (00358) Falls Over 6% Again; Q3 Net Profit Down 47% QoQ; Morgan Stanley Expects Earnings Pressure in Q4

JIANGXI COPPER (00358) has fallen for two consecutive days after its results, down 6.22% as of press time to HK$24.42, with turnover of HK$562 million. On the news front, Jiangxi Copper's revenue for the third quarter of 2026 was RMB135.265 billion, down 2.75% year-on-year; net profit attributable to shareholders was RMB3.055 billion, up 65.22% year-on-year but down 47% quarter-on-quarter. Morgan Stanley said Jiangxi Copper's net profit for the first nine months was below the bank's expectations, and third-quarter net profit also fell 47% quarter-on-quarter, possibly because slight pullbacks in gold and sulfuric acid prices reduced the profit contribution from by-products. The bank expects the company to face earnings pressure in the fourth quarter, as spot treatment and refining charges (TC/RCs) have continued to decline to recently negative US$240 per tonne, copper concentrate supply is tight, and smelting operations without locked-in annual contracts carry lower margins; sulfuric acid prices have also retreated from mid-year highs, and reduced by-product contribution will weigh on earnings through year-end.