Ac t i o n | 15 Dec 2025 12:34:02 ET │ 18 pages Jiangxi Copper (0358.HK/600362.SS) Benefits from Hiking Copper and Sulfuric Acid Price; Model Update and Maintain Buy CITI'S TAKE We update our JXC model to factor in Citi's Commodities team's latest price forecast and company guidance. Despite a YoY decrease in gross profit of copper smelting business in 2026E with potential lower long-term TC/RC, we expect the higher copper, gold, and sulfuric acid price to drive a higher total gross profit of Jiangxi Copper ...