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Data as of: 2026-10-27 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

SHFE Copper (CU2612) In-Depth Analysis | Bullish: Destocking + Premium Rebound, Night Session Breaks Pivot P | 2026-10-28

SHFE Copper CU2612 is bullish. There are three core drivers: first, global visible inventories are destocking in sync, with SHFE warehouse warrants falling -10.03% in a single day, a record for rapid destocking, while COMEX and LME inventories are also declining or lingering at low levels; coupled with simultaneous tightness in copper concentrates and scrap copper constraining refined copper output growth, supply constraints provide solid support. Second, the average price of Yangshan copper premium bills of lading surged by USD 15 in a single day to USD 175/ton, reflecting a recovery in Chinese physical buying; the international versus China market premium rebounded from -0.45%, with clear signs of stabilization in the Chinese market. Third, the night session closed at 109400, +0.7% versus the settlement price, with rising open interest indicating active long position building; the price stands above the next pivot P 108546.67, and the technical pattern has turned bullish. Invalidation condition: daily close breaks below S1 108153.33.