本报告来源： MacroTerms.com

数据截止: 2026-10-08 · 结算口径: 交易所最终日结算价

Copper (HG=F) Deep Dive | Bullish on Supply Tightness and Technical Support | 2026-10-09

We maintain a bullish bias on Copper (HG=F) for the near term, driven by a combination of technical support at key pivot levels, tightening global inventory structures, and a favorable risk-on macro backdrop. The primary catalyst is the sharp drawdown in LME and SHFE stocks, which signals underlying physical tightness that often precedes price appreciation. Technically, the market is holding above the S1 pivot at 6.4897, with the 20-day channel providing a supportive floor. While the recent pullback from the 20D high of 6.9285 is notable, the 5D and 20D trends remain positive, suggesting the correction is a buying opportunity rather than a trend reversal. We target a retest of the 6.7052 resistance level, with an invalidation if price breaks below the S2 pivot at 6.4108 on a sustained basis.