This report is provided by MacroTerms.com

Data as of: 2026-10-23 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Copper (SHFE.CU) Deep Analysis Report | Bearish Logic Complete | 2026-10-24

Bearish. Night session closed at 108300, with intraday low of 107760, 716.67 points away from the downside pivot S1 at 107043.33, and only 1230 points from the 20-day interval low at 106670. On the supply-demand front, SHFE copper warehouse receipts dropped sharply by 4729 tons to 19058 tons, while LME inventories surged by 27675 tons to 272950 tons, showing strong outbound selling pressure. The top 20 positions net short increased by 1746 hands to 27150 hands, with short positions actively adding. The copper-to-gold ratio stands at 1.62, at the 100th percentile of the 1-year range, at historical highs, implying that copper prices relative to gold have peaked.