J P M O R G A N Europe Equity Research 27 April 2026 China Metals Activity Tracker Macro vs micro: six weeks of strong copper de-stocking by China - a positive proxy for copper consumption China's copper consumption continues to be the most noteworthy high frequency data signal. During the last ~6 weeks, China copper inventory has reduced by >250kt, significantly exceeding the typical seasonal drawdown trend. China's total refined copper inventories have reduced to ~245kt, the lowest at this time of year in ...