Large China copper smelters agree to cut production 5% in 2016

Nine large copper producers in China have agreed to cut refined metal production by more than 200 000 t in 2016 or around 5% from this year's level, an executive at one of the producers said on Saturday. The nine producers also will ask the state-controlled industry body, 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, he said.