Chinese producers’ plan to cut nickel and copper output in response to low prices failed to push up prices of the two industrial metals in Asia trade. Eight leading Chinese nickel producers said in a joint statement over the weekend that they plan to cut 15,000 metric tons of output in December this year and at least 20% of their output in 2016. Chinese copper producers are also considering a cut of around 5% of their production, a move likely to be firmed up this week, according to Argonaut Securities. Three-month nickel futures price on the London Metals Exchange is down 0.10% from the previous close to $8,775/ton, while copper futures are down 0.5% to $4,559/ton.

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