J P M O R G A N Europe Equity Research 03 November 2025 China Metals Activity Tracker When demand starts to fire, this could get interesting…... We present our high-frequency inventory trends for steel, iron ore base metals in China for the week ended 31st Oct. Last week recorded the ~8th successive week of anaemic physical indicators for copper, aluminium, and zinc demand in China. Copper inventories increased by 7kt and China copper premia are ~40% lower since mid-Sept, close to a 2025 low of $36/t. This ...