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Data as of: 2026-10-28 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

SHFE Copper (CU2612) In-Depth Analysis | Bullish, Inventory Destocking + Premium Recovery in Tandem | 2026-10-29

SHFE copper is bullish. There are three core logics: first, global visible inventories are destocking in sync, with SHFE warrants plunging 13.52% in a single day to 12,620 tonnes and LME inventories falling consecutively, as low inventories provide a floor for prices; second, the average price of Yangshan copper premium bills surged USD 20 in a single day to USD 195/tonne, and after the China ex-duty converted premium fell from +0.45% to +0.16%, the narrowing import window has instead reinforced China's spot tight-balance pattern; third, although the net short position of the top 20 seats expanded to 25,536 lots, the front-month contract shows a proactive-bullish pattern of rising prices on increased open interest, with nominal open interest up RMB 2.396 billion on the day. Direction failure condition: daily close breaks below pivot S1 support at 108,933 points.