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China Copper Smelters to Cut Concentrate Purchases in Green Push

  • Major companies to trim purchases by 8.8% y/y: Beijing Antaike
  • Copper prices hit a record last week amid global recovery
Bloomberg business news
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China’s major copper smelters have vowed to reduce purchases of concentrate this year as the country seeks to curb its carbon emissions, according to a state-run research firm.

The 15 largest smelters have agreed to trim purchases by 1.26 million tons, equivalent to around 300,000 tons of the metal, a statement posted on Saturday by Beijing Antaike Information Development Co. showed. That’s down 8.8% from a year earlier. The companies are “responding actively” to help the government reach its carbon neutral goals, according to the statement.