J P M O R G A N Asia Pacific Equity Research 17 October 2025 Aluminium Dashboard Global demand up 2% as inventories remain low; expect price support on copper linkage Key takeaways: (1) Global aluminium demand is up 2% YTD (largely matched by production) through August, with China up 3% and RoW up 1%; China production at ~44Mtpa is near the production cap. (2) Unlike copper where inventories have surged, global aluminium visible inventories at 1,130kt remain below 2024 levels, despite adding ~300kt over the ...