China has tightened requirements for building new copper smelters, in its latest attempt to curb relentless capacity expansion in the world’s top producer of the refined metal.

China’s refined copper output is expected to increase by around 4.9 percent, to 12.4 million or 12.45 million tons in 2025, according to a survey of smelters conducted by Mysteel Global.

It is also likely that China's surplus metal will find its way to global markets over time, which in turn should result in the London copper price continuing to stabilise at levels closer to ...