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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 (SHFE.CU) Deep Analysis Report | Bearish Pattern Observed, Watching for Pullback to Support | 2026-11-01

Bearish. Night session copper closed at 107260, down 0.86% from settlement, daily low near the 20-day low, technical turning weak. On supply and demand, LME inventories continued to build significantly for two consecutive days to 27.4 million tons, a recent high; SHFE warehouse stocks decreased for three consecutive days, but the reduction was limited. The net short position of the top 20 traders expanded to 25,400 contracts, with strong willingness by short sellers to increase positions. In cross-asset ratios, the copper-to-gold ratio of 1.66 is at the 100th percentile, indicating copper's long-term relative strength against gold, but current loose supply fundamentals are suppressing copper price upside. Invalidated direction condition: If night session copper closes above 108860 or daily close rebounds above 108500, short positions need to be cautious about adjustment.