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データ基準日: 2026-10-23 · 決済基準: 取引所決済価格（北京時間15:00終値、前回決済比）

Iron Ore (DCE.I) In-Depth Analysis Report | Bears Dominant, Watch Pullback Support | 2026-10-25

Bearish. Iron ore pulled back to 669.5 in the night session, with structural bears dominant. Core rationale: 1) Structural bears dominant, with the top 20 seats holding a net short of 35,300 lots, narrowing by 1,665 lots from the previous day, indicating short covering;
2) Technically, the pullback approached the lower band of the 20-day range near 664.5, with pivot S1 662.33 providing short-term support;
3) The international-vs-China price ratio premium widened to +7.77%, indicating that the Chinese market remains persistently expensive relative to the international market, transmitting a bearish signal. Direction-invalidation condition: If the night session closes firmly above 677.83 (pivot R1) or breaks through the key resistance at 680, short positions must be reduced quickly.