China smelters plan output cuts, no Q2 copper guidance price, sources say

China's top copper smelters have proposed a production cut of 5% to 10% and decided not to issue guidance prices for copper processing charges for the second quarter, two sources with knowledge of the matter said on Thursday. The announcements, made at a meeting of the China Smelters Purchase Team (CSPT) in the commercial hub of Shanghai, come after the world’s top producer of refined copper grappled with short supply and a sharp drop in TCs in the spot market.