中国金属活跃度追踪：2026 年初中国铜、铝、锌库存评估-China Metals Activity Tracker_ Assessing China copper, aluminium & zinc inventories at start of 2026

J P M O R G A N On China macro, latest data (China Economist) from China shows money supply (M2) picking up in Dec'25, which rose +8.5% YoY. The PBOC also announced a series of monetary easing measures including a 25bp cut for all structural policy tools, re-lending programmes for several sectors which highlights PBOC's focus on supporting policy-driven sectors (tech, green, elderly care, inclusive finance) and weaker private sectors. In our EMEA Metals & Mining 2026 Outlook, we highlighted the positive cor ...