Grupo Mexico profit jumps 56% but it trims copper output guidance
Grupo Mexico's third-quarter profit rose 56% on higher metal prices, while copper output fell and the company lowered its 2026 production forecast.
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what happened
Mining and transport conglomerate Grupo Mexico reported that third-quarter profit rose 56% from a year earlier. The gain was driven mainly by higher metal prices. Revenue climbed 38% to $6.33 billion, and net profit reached $2 billion. According to a filing published on Tuesday, both figures beat estimates from analysts polled by LSEG.
Copper output, however, fell 1.9% in the quarter to 260,322 tons, due to lower production in Peru and at Asarco. Higher operations in Mexico partly offset the decline. The company cut its 2026 copper production guidance to 1.026 million tons from 1.034 million. EBITDA for the period rose 50.5% to $3.77 billion.
why it matters
The report suggests that high metal prices can outweigh lower volumes. For the copper market, the reduced guidance from one of the world's largest producers signals tighter supply, which matters for metal price direction.
market impact
Copper: lower output guidance from Grupo Mexico supports metal prices
tags
instruments
sources
- Mining giant Grupo Mexico reports higher quarterly profit, cuts copper guidance — Reuters, 20 October 2026 at 22:35 UTC
- Mining giant Grupo Mexico reports higher profit on price boost, trims copper guidance — Reuters, 20 October 2026 at 23:37 UTC
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