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Data as of: 2026-10-08 · Settlement: Exchange final daily settlement

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

We maintain a bullish bias on Copper (HG=F), targeting a retest of the 20-day channel upper bound near 6.9285 as supply constraints outpace demand. The primary catalyst is the sharp drawdown in LME and SHFE inventories, which signals immediate physical tightness despite a modest 5-day gain. While the market trades near the lower end of its 20-day range, the structural deficit in warehouse stocks provides a floor for prices. Invalidation occurs if the price breaks below the key support at 6.4108, which would negate the supply-driven thesis. This report analyzes the technical setup, fundamental inventory dynamics, and positioning data to support this directional view.