Nine large copper smelters in China have agreed to cut sales of spot metal by as much as 200,000 tonnes in the first quarter of 2016 to counter low prices, an executive at one of the smelters said late Monday. The amount is equal to about 10 percent of China’s first-quarter refined copper production in 2015. The plan to limit spot sales adds to an earlier decision by smelters to cut production next year by at least 350,000 tonnes in an effort to support prices that are troughing around six-year lows. The agreement came after the smelters held a bi-monthly meeting in Shanghai on the weekend. The nine firms are members of the China Smelters Purchase Team (CSPT) and include Jiangxi Copper, Tongling Nonferrous Metals and Jinchuan Group. Under the […]