Zhi Tong Cai Jing·2025-10-09 04:03Group 1 - Jiangxi Copper's A-shares have reached a limit-up price of 39.04 yuan [3] - The Grasberg copper mine shutdown is expected to widen the copper supply gap from Q4 2025 to 2026 [5] - The China Nonferrous Metals Industry Association's copper division opposes "involution" competition in the copper smelting industry, indicating potential relief from overcapacity and improved profitability for smelting companies [5] Group 2 - Jiangxi Copper is a leading copper smelting company in China, with an annual production capacity of 2.1 million tons of cathode copper, accounting for over 70% of its revenue [5] - Reports indicate that Panama is preparing to negotiate with First Quantum Minerals regarding the potential restart of the closed Cobre Panama copper mine, expected to resume operations by the end of this year or early 2026 [5] - Jiangxi Copper is the largest shareholder of First Quantum, and starting in 2024, it will convert its investment in First Quantum from a financial instrument to long-term equity investment using the equity method [5] - The resumption of the Panama copper mine is anticipated to significantly enhance the company's profits [5]