About ten large copper producers in China, including Jiangxi Copper (600362.SH; 0358.HK) and Tongling Nonferrous Metals Group (000630.SZ), recently reached an initial agreement to cut their refined copper output in 2016 by 350,000 metric tons (tonnes) in total.
If the cut did not exert an obvious effect on price, they would likely cut output further to reduce losses, said Wu Yuneng, vice general manager of the Jiangxi Copper.
The ten copper producers will convene a meeting biweekly to mutually supervise the output cut.
In the future, they will take measures to eliminate outdated capacity, Wu added.
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