Why is Jiangxi Copper stock plunging today?

Jiangxi Copper stock dropped 13.0% to HK$25.42 on Thursday after the company’s third-quarter 2026 earnings report delivered a sharp sequential profit decline that caught markets off guard.

While the nine-month cumulative figures looked impressive on the surface — net profit attributable to shareholders surging 94% year-on-year to RMB 11.687 billion on revenue of RMB 442.42 billion — the isolated Q3 numbers told a very different story, with net profit plunging 47% quarter-on-quarter to RMB 3.055 billion and revenue slipping 2.75% year-on-year to RMB 135.265 billion.

The sequential profit deterioration was the dominant driver of the selloff, as investors focused on the momentum breakdown rather than the year-on-year comparisons. The drop was driven chiefly by increased volatility in copper prices, which retreated in the third quarter amid growing concerns over slowing global demand.

The broader Hong Kong market provided no buffer for the selloff. The Hang Seng Index was essentially flat on the day.