J P M O R G A N Asia Pacific Equity Research 26 November 2025 Copper Dashboard Global inventories continue to rise despite supply disruptions Key takeaways: (1) Global copper production was up 4% YTD through August, but growth is decelerating with supply disruptions now reflected in the last few months of data (output is down YoY in Jul/Aug); (2) global demand is up 7% YTD Aug, with China growth continuing to be offset by RoW consumption decline; and (3) global visible inventories have climbed higher to ~73 ...

（原标题：全球前20大铜矿中智利和秘鲁占据12席） 智利《DFSUD》网站11月4日报道，在全球铜价突破每磅5美元创历史新高之际， 智利与秘鲁展现出铜矿生产核心地位，全球前20大铜矿中两国占据12席。其中智利以 七大矿区领先，Escondida矿区上半年产量达68万吨，而Quebrada Blanca矿区因生产问题 跌出前20榜单。上半年全球前20大矿区产量达395万吨，占全球总产量35%。尽管智利 上半年产量同比增长2.6%，分析师预计其全年产量可能低于2024年水平。Grasberg坍 塌、Las Bambas抗议及Teniente矿难等致供应端受挫事件促使高盛将2025年铜市场预期 从10.5万吨盈余调整为5.55万吨短缺。专家警告，若一级矿区持续停产可能引发价格剧 烈波动。智利虽坐拥1.9亿吨铜最大储量，但采矿投资长达138个月的环境审批流程已成 为开发瓶颈，业界呼吁加快许可发放并建立法律稳定性机制以保障投资。 ...

The global copper market is digesting the latest risks, as multi-dimensional challenges emerge in key jurisdictions. Codelco, the world’s largest copper producer, has lowered its 2025 output forecast to a range of 1.31 to 1.32 million metric tons, down from its previous estimate of 1.34 to 1.37 million tons.According to Reuters, CEO Ruben Alvarado dismissed the risk of a reduction that would endanger the long-term goal of 1.7 million tons by 2030. Still, the cut reflects the persistent difficulties faced by ...