JIANGXI Copper Co., China’s biggest integrated copper producer, plans to cut refined copper output by 6.7 percent this year, in line with a proposal by the country’s big smelters to reduce output to support prices.

    The move would cut production by 80,000 tons to 1.175 million tons and follows a pledge last week by No. 2 producer Tongling Nonferrous Metals Group to reduce output by 110,000 tons.

    Nine of China’s large copper smelters agreed last year to cut output by at least 350,000 tons in 2016 and said they could deepen the cuts if prices and profitability deteriorate.

    Copper prices have come under pressure from high supply and reduced demand in China, the world’s top consumer, but have recovered around 7 percent this year, supported by output cuts from firms like Glencore and Freeport McMoRan.

    Jiangxi Copper yesterday reported a fourth straight fall in annual earnings, with 2015 net profit tumbling 77 percent to 637.2 million yuan (US$98.2 million) due to lower metal prices, it said in a filing to the Shanghai Stock Exchange.

    (SD-Agencies)