Copper Climbs Toward $9,000 a Ton as It Hits 11-Month High With Supplies Tight

China’s copper smelters pledged to control capacity while stopping short of coordinated output cuts, as the industry responds to a tightening in the global concentrate market that’s led to processing fees falling to near nothing.

Executives from 19 smelters have agreed to re-arrange maintenance work, reduce runs and delay the startup of new projects, the China Nonferrous Metals Industry Association said in a statement, following a meeting in Beijing on Wednesday. The statement didn’t give details on the scope of the adjustments.