JPM | Russia Bans Diesel Exports, Jiangxi Copper Profit Alert, BHP Port Hedland Strikes, China & India Mining Previews, Upgrade Wanhua Chem

Research evidence excerpt

JPM | Russia Bans Diesel Exports, Jiangxi Copper Profit Alert, BHP Port Hedland Strikes, China & India Mining Previews, Upgrade Wanhua Chem

reported Kamoa Kakula mining volumes for 2Q and maintained their

2026 full year guide at 290-330kt.

Earnings Season has officially begun. Jiangxi copper profit alerted overnight, (Stock +4% at open )with 1H26E earnings

guided to be to be RMB7.55–8.50 billion (RMB 8.025B at mid point) – which is bang in line with Avery’s previews numbers of

RMB8.03B, but a beat to Bloomberg consensus representing 67% of FY26 numbers. Expect a mild reaction at open. Stock is

down about 40% from its January highs & investors look to next catalyst of them IPO-ing their copper foil unit to unlock value.

Sulfuric acid prices have tripled for them ytd and once contravts roll-off should be a positive tailwind as copper prices have been

resilient.

Wanhua Chemical had a strong 2Q as well – its second highest Net profit in history. Parsley upgrades to OW and attribute a large

part of the 2Q beat to Wanhua's newly started ethane cracker, which, similar to peers Satellite Chem and Petrochina, likely

delivered very strong 2Q NP. Post earnings, we raise our FY26-27 NP estimates for Wanhua by 21%/10% to Rmb19bn and roll

our PT to Jun-27 at Rmb90/shr. (25% upside)

Tomorrow we have Nanya Plastics reporting with the whole Formosa group – the one bright star this year in a terrible

commodities tape. The stock has doubled in the last month and tripled YTD as the catalysts we have been talking about for

months are coming to fruition – continued CCL/Glass fiber/memory price hikes, NYP being considered as second source CCL

supplier to Nvidia & AWS and emerging from a commodity grade CCL supplier to M7-M10. Stock at NTD182 with bull camp at

NTD400 ($20 2027 EPS * 20x PE).