J P M O R G A N Europe Equity Research 09 June 2026 EMEA Metals & Mining Base Metals Supply & Demand Tracker: Chinese exports are the relief valve for ex-China aluminium tightness, diverging copper demand trends JPM Commodities Research team (led by Greg Shearer) published its latest base metals supply & demand tracker (link). In copper, the team notes that Chinese end-use consumption fell 4% YoY in April (+1.2% YoY YTD through 4M'26) amid continued weakness in renewables installations and white goods, whil ...