China May Need to Trim Record Copper Output on Shortage of Ore

China’s copper smelters could be at a turning point, as a persistent shortage of ore forces them to trim production from record levels — just as the government ramps up its campaign against overcapacity across industries.

Research firm Shanghai Metals Market projects output this month at 1.168 million tons, 0.5% less than its peak in July, according to its monthly survey of smelters. A further drop is forecast for September.