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データ基準日: 2026-10-30 · 決済基準: 取引所決済価格（北京時間15:00終値、前回決済比）

Copper (CU2612) Deep Analysis Report | Bearish: Inventory Accumulation and Net Short Expansion | 2026-10-31

Direction: Bearish. The core logic lies in the weakening pricing cycle of external demand: LME inventory has accumulated by +24,125 tons over the near 20 periods and continues to increase slightly, while COMEX inventory has accumulated by +3,000 short tons; global visible inventories are synchronizing in accumulation, and the net short position of the top 20 traders has expanded to 25,400 contracts, with main position reduction confirming long exit. Technically, Shanghai copper is pressured below the upper band of the 20-day range, and the night session broke below the next pivot point P position at 108190. COT managed funds' net long positions have declined for four consecutive weeks, shrinking in tandem with prices rather than diverging, and trend momentum remains decisively lower. Invalidation condition: Daily close break above 108510 (next pivot point R1).