铜市场：尽管供应中断，全球库存仍持续上升-Copper Dashboard_ Global inventories continue to rise despite supply disruptions

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 ...