J P M O R G A N Europe Equity Research 03 November 2025 China Metals Activity Tracker When demand starts to fire, this could get interesting…... We present our high-frequency inventory trends for steel, iron ore base metals in China for the week ended 31st Oct. Last week recorded the ~8th successive week of anaemic physical indicators for copper, aluminium, and zinc demand in China. Copper inventories increased by 7kt and China copper premia are ~40% lower since mid-Sept, close to a 2025 low of $36/t. This ...

Fed Governor Stephen Miran said on Wednesday that the ADP report showing an increase in employment at companies was “a welcome surprise,” though he reiterated that interest rates should be lower.The ADP National Employment report released on Wednesday showed that U.S. private nonfarm payrolls rose by 42K in October, stronger than expectations of 32K. Also, the U.S. ISM services index rose to 52.4 in October, stronger than expectations of 50.7. At the same time, the U.S. October S&P Global services PMI was r ...