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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）

SHFE Copper (SHFE.CU) Deep Analysis Report | Bearish Watch | 2026-10-25

Bearish. SHFE night session closed at 108,300, trading below the key pivot of 107,900 during the day session. On the supply-demand side, LME inventory continued to deplete with limited pressure, while SHFE warehouse stocks saw a significant drawdown indicating Chinese inventory clearance; however, the international copper-to-gold ratio at 1.62 is at the 100th percentile, suggesting copper is relatively expensive compared to precious metals, and night session rebounds were weak. In terms of positioning, the net short position of the top 20 traders expanded to 27,150 contracts, with main position open interest increasing nominally but declining, indicating strong active long-building intent by shorts. Technically, the price is near the lower band of the 20-day range, with short-term bearish momentum dominant.