China will tighten oversight of new copper and alumina projects to curb irrational investment and disorderly expansion from 2026 to 2030, the country’s top economic planner said on Friday.
In an article on its website, the National Development and Reform Commission (NDRC) said local governments must strengthen feasibility studies for major projects and align their approvals with national industrial policy.
The guidance targets copper and alumina, industries the commission said are key to economic and military development but whose development must take into account "differences in regional industrial bases, resource endowments and environmental capacity."
China will also encourage mergers and restructuring led by large firms to increase industry concentration and competitiveness, the NDRC said. In addition, Beijing will continue to support overseas mining investment in its next five-year plan.
China is the world’s largest producer and consumer of copper and alumina and has repeatedly warned of the risks of overcapacity and unchecked investments in the industry.
China suspended plans for around 2 million metric tons of planned copper smelting capacity, the China Nonferrous Metals Industry Association said last month.
From January to November of 2025, China produced 13.3 million metric tons of refined copper, up 9.8% from a year earlier, on track for record refined copper output in 2025.
Alumina output in China reached 84.7 million tons in the same period and was also likely to set a record in 2025.
The most traded copper contract on the Shanghai Futures Exchange closed daytime trading up after hitting a record high of 99,730 yuan earlier in the session.
Shanghai aluminium closed the session higher after hitting a near-four-year high of 22,640 yuan.
Major copper firm Jiangxi Copper rose 10%. Yunnan Copper rose as much as 8.68% and Tongling Nonferrous Metals Group gained as much as 8.33%.
Aluminium heavyweight Aluminium Corporation of China rose as much as 8.94%. - Reuters
