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Data as of: 2026-10-23 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
SHFE Copper (SHFE.CU) Deep Analysis Report | Bearish Observation 107900 Settlement | 2026-10-26
Bearish. Three core reasons: 1) Price is below the 20-day range and has had 5 consecutive daily closes down, with active long liquidation;
2) SHFE inventory fell significantly by 19.88%, indicating tight supply;
3) COT net long ratio retreated to the 45.72 percentile, favoring shorts. Direction invalidation condition: daily close back above 108550.
This brief is published in Chinese. The English translation is being prepared.
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