Oct 28 (Reuters) - Jiangxi Copper Co,one of China's biggest copper producers, saw profits fall 33% inJuly-September from the previous quarter as prices for the metaldipped after a stellar rally.
Copper prices surged to a record high this year as demandfor the metal widely used in power and construction reboundedamid a supply crunch after coronavirus curbs were lifted, butprices pared back some of those gains in the third quarter.
The Nanchang-based company, which controls both copper minesand smelters, said in a filing to the Shanghai Stock Exchangeits net income in July-September was 1.46 billion yuan ($228.2million).
That was down from 2.18 billion yuan in the second quarter,which was Jiangxi Copper's best result in 10 years, but still up85.9% year-on-year as copper prices remain higher than in2020. Third-quarter revenues were down around 11.5% from theprevious quarter at 110.46 billion yuan, but up 37.6% on theyear.
The company did not provide a reason for thequarter-on-quarter decline but benchmark London copper prices fell for the first quarter in six in July-September,shedding 4.7% after striking a record high of $10,747.50 in May.
Prices are still up more than 24% year-to-date, with demandfor the metal buoyed as economies reopen from coronavirus curbsand as concerns over tight supply linger.
Jiangxi Copper did not report any third-quarter productiondata in its filing.
($1 = 6.3978 Chinese yuan)
(Reporting by Tom Daly; Editing by Ana Nicolaci da Costa)