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9 Chinese Copper Smelters to Cut Refined Metal Production in 2016
Nov. 30, 2015 09:35AM PST
Base Metals Investing Reuters reported that nine of China’s larger copper smelters have agreed to cut production by around 200,000 tonnes in 2016. That amounts to a cut of roughly 5 percent relative to 2015 levels.
Reuters reported that nine of China’s larger copper smelters have agreed to cut production by around 200,000 tonnes in 2016. That amounts to a cut of roughly 5 percent relative to 2015 levels.
As quoted in the publication:
The agreement followed a meeting by the producers on Saturday in Shanghai to discuss coordinated output cuts to support the market after prices in Shanghai and the London Metal Exchange plunged to their lowest in more than 6 years.
China, the world’s second biggest economy, is the top refined copper producer and consumer but is suffering an economic slowdown adding pressure on the global market.
The nine producers also will ask the state-controlled industry body, the China Nonferrous Metals Industry Association (CNIA), to request Beijing to investigate high-speed trading and malicious short selling of copper contracts traded on the Shanghai Futures Exchange, the executive said.
