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<Research>BofAS Trims JIANGXI COPPER (00358.HK) TP to $52, Reiterates Buy Rating
Recommend 11 Positive 7 Negative 11 |
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Although spot TC/RC has fallen to a historic low of negative US$78 per ton, the management of JIANGXI COPPER (00358.HK) expected the impact to be limited, as most smelting capacity operates under long-term contracts set at '0', coupled with strong sulfuric acid prices, BofA Securities published a research report saying. Therefore, the broker trimmed its target prices for JIANGXI COPPER's H-/ A-shares to $52/ RMB63 from $56/ RMB68, with rating reiterated at Buy, mainly supported by strong sulfuric acid prices, resilient copper prices, increased investment income from JIAXIN INTL RES (03858.HK) and long-term growth in self-mined copper concentrate output driven by SolGold and other potential M&As. Auto-translated by AI AASTOCKS Financial News |
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