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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 | Bearish, Eyeing 662.33 Support | 2026-10-26

Bearish. The iron ore main contract closed at 675, +0.6% versus settlement, but the night session pulled back to 669.5, indicating strong bearish intent. Technically, the price sits near the lower end of the 20-day range at 664.5, just a step away from the pivot S1 at 662.33 below. Fundamentally, CISA data shows social inventories surged 2.7% week-on-week, weighing on short-term prices. Positioning-wise, the top 20 seats hold a net short of 35,300 lots, narrower than the prior day, while main nominal holdings fell by 15.56 100 million yuan, indicating active short covering. On cross-asset valuations, the gold-silver ratio at 74.29 is at a 1-year high, and a stronger USD is pressuring non-ferrous metals.