Copper price down while China’s smelters reduce production

China’s major copper smelters lowered production in June by 3.6% from the previous month due to seasonal maintenance, state-backed research house Antaike said on Monday.

Copper for delivery in September fell 0.5% from Friday’s settlement price, touching $4.321 per pound ($9,506 per tonne) midday Monday on the Comex market in New York.

The 22 smelters in Antaike’s production survey churned out 745,700 tonnes of refined copper cathode last month, which was still up 6.7% year-on-year, as producers including Tongling Nonferrous carried out overhauls.

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