JX Metals raises full-year guidance on AI demand, copper prices

JX Metals, a major player in the metals and mining industry, recently reported its second-quarter results for the fiscal year ending March 2027. Operating profit for the quarter soared to ¥69.4 billion, a significant 73% rise compared to the same period a year earlier, exceeding market expectations by 3.5%. This impressive performance can be attributed to several factors: heightened demand for AI-related products in the company's Semiconductor and ICT Materials division, a surge in copper prices, and the favorable impact of a weaker yen.

Following the strong quarterly results, JX Metals has raised its full-year operating profit forecast to ¥255 billion from the initial estimate of ¥232 billion. This represents a notable 46% increase year-over-year. However, it is worth noting that this revised guidance falls short of the analyst consensus estimate of ¥267.9 billion.

The company cited lower mine and smelter output as factors that constrained the extent of its upward revision to the full-year profit forecast. Additionally, JX Metals adjusted its copper price assumption to $13,650 per ton, which is lower than the previously estimated $14,600 per ton.