China Copper Producers Said to Plan 200,000MT Cut in 1Q SalesBloomberg News
Nine Chinese copper smelters agree reduction in sales, according to people with knowledge of the plan. * Copper prices have fallen below production costs and smelters want to support prices, the people say, asking not to be identified because the information isn’t public * Reuters reported the plan earlier Tuesday, citing an unidentified executive at one of the smelters * NOTE: Same group of smelters pledged to cut output by 350,000 MT in 2016 and to consider further measures * READ: China’s Copper Smelters Said to Consider Deeper Production Cuts * LME 3-mo. copper -0.3% to $4,680/mt, paring earlier decline of
1.6% * Nobody answered calls to offices of board secretaries at leading smelters Jiangxi Copper Co. and Tongling Nonferrous Metals Group Co.
— With assistance by Martin Ritchie, and Alfred Cang