This report is provided by MacroTerms.com

Data as of: 2026-10-26 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Copper (CU2612) Deep Analysis | Bullish: Inventory Drawdown + Premium Recovery | 2026-10-27

Copper is bullish. The core logic is threefold: First, SHFE warehouse stocks fell sharply by 39.6% to 16,219 tons over three days, with a cumulative net outflow of 10,436 tons over the past 20 periods, indicating tight deliverable sources in China. Second, the tax-adjusted premium between international and Chinese markets retreated from +1.16% to +0.11% after conversion, with Shanghai Futures Exchange (SHFE) premiums showing support as the Yangshan premium rose to $160 per ton, indicating import cost support. Third, the net short position of the top 20 traders narrowed by 3,633 hands day-on-day, accompanied by main contract long position increases, indicating active long-side building by bulls. Invalidating condition: Daily close below 107,680 (next pivot S1).