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📅 2026-10-23 · SHFE Copper · Single-name brief

This report is provided by MacroTerms.com

Data as of: 2026-10-22 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Shanghai Copper (CU2611) In-depth Analysis Report | Bearish Bias: Breaks Below 20-Day Channel Lower Band on Rising Open Interest | 2026-10-23

Directional conclusion: bearish bias. Shanghai Copper CU2611 settled at 108080 yuan/ton on [10-22 settlement], closing at 107590 yuan/ton (-1.33% vs. previous settlement), with 5-day -1.24% and 20-day -0.14%; it has moved close to the lower band of the 20-day channel at 107410–111770, with only a 4.1% position within the 20-day range; the night session (10-22 21:05 to 10-23 01:00) closed at 107120, down another 0.44% from the day session close, indicating continued short momentum. On drivers, LME inventory rose by +11475 tons (+4.91%) in a single day on [10-21], the international market HG=F fell -2.76% on [10-22 settlement] with 20-day -5.77%, and CFTC managed money net longs have been cut for two consecutive weeks ([10-13] 61058 lots, down significantly from [09-22] 82522 lots), showing synchronized weakness between international and Chinese markets. On structure, SHFE warrants fell to 23787 tons (-12.59%) on [10-22], Yangshan bill premiums rose to 143 USD/ton, and the China tax-adjusted premium was +1.37%, providing some support to the Chinese market; hence the call is bearish bias rather than outright short chasing. Invalidation conditions: daily close back above the next pivot P 107996.67 and a break above R1 108543.33, or HG=F moving above the next pivot P 6.4545.

Single-name briefs Deep dive

Previous briefs

2026-10-22:Single-nameShanghai Copper (CU2611) In-depth Analysis Report | Bearish Bias: Inventory Drawdown Cannot Offset International Fund Position Cuts | 2026-10-22 View 2026-10-21:Single-nameShanghai Copper (CU2611) In-depth Analysis | Bullish Bias: Inventory Destocking and Domestic-External Resonance, 109833 as Bull-Bear Watershed | 2026-10-21 View 2026-10-20:Single-nameSHFE Copper (CU2611) In-Depth Analysis Report | Slightly Bullish: Destocking Plus Short Covering | 2026-10-20 View 2026-10-19:Single-nameSHFE Copper (CU2611) In-depth Analysis Report | Bullish Bias: Inventory Destocking and High Copper-Gold Ratio Resonance | 2026-10-19 View 2026-10-18:Single-nameSHFE Copper (CU2611) In-Depth Analysis Report | Bearish Bias: LME Inventory Down, SHFE Up; Seat Net Shorts Expand | 2026-10-18 View 2026-10-17:Single-nameShanghai Copper (CU2611) In-Depth Analysis Report | Bearish Bias: Inventory Turning Point and Expanding Net Short Positions | 2026-10-17 View 2026-10-16:Single-nameSHFE Copper (CU2611) In-depth Analysis | Bearish: Inventory Surge Combined with Expanding Net Shorts | 2026-10-16 View 2026-10-15:Single-nameSHFE Copper (CU2611) In-Depth Analysis Report | Bullish Bias: Inventory Destocking Coupled with Strengthening International and China Market Premiums | 2026-10-15 View 2026-10-14:Single-nameDeep Analysis of SHFE Copper: Bullish, Copper-Gold Ratio at Historical Extreme Percentile | 2026-10-14 View 2026-10-13:Single-nameSHFE Copper (CU2611) In-depth Analysis Report | Bullish Bias: Inventory Destocking and Copper-Gold Ratio Resonance | 2026-10-13 View 2026-10-12:Single-nameSHFE Copper (CU2611) In-Depth Analysis | International Market Strength vs. China Market Position-Cut Divergence, Bullish but Needs Confirmation | 2026-10-12 View 2026-10-11:Single-nameSHFE Copper (SHFE.CU) In-Depth Analysis Report | Bullish | 2026-10-11 View 2026-10-10:Single-nameIn-Depth Analysis of SHFE Copper: Bullish Bias and International vs. Chinese Market Premium | 2026-10-10 View 2026-10-09:Single-nameLegacy coverageSHFE Copper (SHFE.CU) In-Depth Analysis Report | Bullish Bias | 2026-10-09 View 2026-10-08:Single-nameLegacy coverageShanghai Copper In-Depth Analysis: Bullish Bias, Driven by International and China Market Premiums and Warehouse Receipt Drawdown | 2026-10-08 View 2026-10-01:Single-nameLegacy coverageSHFE Copper (SHFE.CU) In-Depth Analysis Report | 2026-10-01 Bullish Bias: Rising Open Interest with Warehouse Receipt Drawdown | 2026-10-01 View 2026-09-30:Single-nameLegacy coverageSHFE Copper (SHFE.CU) In-Depth Analysis Report | 2026-09-30 Bullish: Low Inventory and High Premium Support | 2026-09-30 View 2026-09-29:Single-nameLegacy coverageSHFE Copper (SHFE.CU) In-Depth Analysis Report | 2026-09-29 Pre-Holiday Position Reduction vs. Inventory Drawdown | 2026-09-29 View 2026-09-28:Single-nameLegacy coverageShanghai Copper In-Depth | Low-Volume Pullback to MA20, Pre-Holiday PMI Pricing Window | 2026-09-28 View 2026-09-27:Single-nameLegacy coverageSHFE Copper Deep Dive | Volume-Contracted Pullback to MA20, the Bull-Bear Watershed on the Eve of PMI | 2026-09-27 View

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