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Data as of: 2026-10-29 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Copper (CU2612) Deep Analysis Report | Bearish: High Copper-to-Gold Ratio Amid Reducing Positions | 2026-10-30

Direction: Bearish. SHFE Copper CU2612 night session closed at 108320, down from [10-29 Settlement] 109030, exhibiting a decline on reduced volume. Main position holders decreased by 4,795 contracts, while the top 20 seats maintained a net short of 23,877 contracts. The copper-to-gold ratio at 1.64 is at the 99.6th percentile over 1 year, indicating copper is extremely expensive relative to gold, highlighting mean reversion pressure. LME inventory increased by 220,500 tons over the near 20 periods, indicating ample international supply; SHFE warehouse stocks fell to 11,347 tons, providing some support. Management fund net long positions have declined for four consecutive weeks, with crowding receding to 45.72. Technically, the price is under pressure at the pivot R1 of 109296.67; a daily close below 108226.67 would invalidate the direction.