J P M O R G A N Asia Pacific Equity Research 16 October 2025 Copper Dashboard Global inventories surge despite supply disruptions, but prices remain supported as a deficit market takes hold Key takeaways: (1) Global copper production growth was solid in 1H25, and is up 5% YTD through July, but as supply disruptions come through in more recent months we expect the trend to decelerate (Kamoa-Kakula in May, Grasberg in Sep, Teck downgrade in Oct ), (2) Despite significant mine disruptions, global inventories h ...