铝业-年以来全球需求增长 2%；库存与氧化铝价格维持低位，而美国中西部溢价飙升-Aluminium Dashboard_ Global demand up 2% YTD; inventories and alumina prices remain low, while Midwest Premium spikes higher

J P M O R G A N Asia Pacific Equity Research 28 November 2025 Aluminium Dashboard Metals & Mining Bill Peterson (1-415) 315-6766 bill.peterson@jpmchase.com J.P. Morgan Securities LLC Patrick Jones (44-20) 7742-5964 patrick.jones@jpmorgan.com J.P. Morgan Securities plc Global demand up 2% YTD; inventories and alumina prices remain low, while Midwest Premium spikes higher Key takeaways: (1) Global aluminium demand is up 2% YTD (China +3%, RoW flat); China production continues to hover just below the 45Mtpa ca ...