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데이터 기준일: 2026-10-30 · 결제 기준: 거래소 결제가(베이징 시간 15:00 종가, 전일 결제 대비)

Copper (SHFE.CU) Deep Analysis Report | Bearish Outlook on Range Low | 2026-11-02

Bearish. Night session closed at 107300, down -0.82% from settlement, indicating continued weakness in the night session. Main position open interest 186825 contracts, down 3967 from the previous session, and price declined, indicating active long exit rather than short squeeze. Top 20 positions net short 25400 contracts, up 1523 from the previous day, indicating increased short willingness. On the spot side, SHFE.CU vs LME.CU China tax-reformed premium retreated to +1.74%, significantly up from +0.24% five days ago, indicating weak fundamentals. Direction invalidation condition: night session close recovers above 108510 R1, or COMEX registered warehouses net increase for 3 consecutive days.