海外视点丨受迫于矿石短缺，中国削减铜产量

Group 1 - China's copper smelting industry is facing a turning point due to ongoing ore shortages, leading to production cuts while the government intensifies efforts to combat overcapacity across various sectors [2] - According to Shanghai Metals Market (SMM), copper production is expected to be 1.2 million tons in August, a decrease of 0.5% from July's peak, with further declines anticipated in September [2][3] - Despite recent record-high steel production, the resilience of the industry may have reached its limit, prompting policymakers to address issues of fierce competition and overcapacity that contribute to deflationary pressures in the economy [2] Group 2 - The current economic viability of smelting has been severely impacted by shortages of mined ores and scrap copper, which are essential for producing concentrates [2] - SMM reports that copper concentrate inventories at Chinese ports have fallen to their lowest level this year, slightly above 560,000 tons, forcing smelters to reduce output [3] - Maintenance activities at five smelting plants with a total capacity of 900,000 tons are expected to further decrease production in September [3]