中国基础材料监测-大宗商品显现触底迹象，金属高价暂未造成破坏性影响-China Basic Materials Monitor_ December 2025_ signs of bottoming in bulk, while high metal prices not destructive

16 December 2025 | 4:11PM HKT Equity Research CHINA BASIC MATERIALS MONITOR December 2025: signs of bottoming in bulk, while high metal prices not destructive Summary: End-user orderbooks trend was mostly inline with past seasonality as of mid of December, with appliances, solar, selected construction and machinery on the weaker end. On commodities, demand for copper and paper packaging was weaker, while others mostly on track. Responses of end users to the rising copper and aluminum prices can be seen in t ...