J P M O R G A N Asia Pacific Equity Research 08 September 2025 Dominic O'Kane (44-20) 7742-6729 dominic.j.okane@jpmorgan.com J.P. Morgan Securities plc Patrick Jones Copper Dashboard Demand remains strong, but global inventories rising; LME price up 13% YTD Key takeaways: (1) Global copper production was up a strong 7.4% YTD in May with DRC / Chile continuing to show strength (Peru had a weak May); global copper inventories are up ~160kt from ~440kt in late June to ~600kt currently (near 2023/24 levels). (2 ...