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Data as of: 2026-10-30 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

SHFE.BU(BU2701) In-Depth Analysis Report | Upside Breakout on Rising Open Interest, Bullish View | 2026-11-02

Direction: Bullish. BU2701 continuous contract [10-30 settlement] 5204, closed the night session at 5302, up 13.63% over 5 days; rising on increased open interest indicates active buying by longs. The last closed weekly bar [2026-10-26～10-30] closed at 5284, up 13.63% for the week, with price at the 75.2% position of the 20-day range of 4372–5585. Net long position of the top 20 seats was 30,439 lots, up 947 lots from the previous day; the position structure is aligned with price. Along the crude oil chain, the oil-gold ratio of 0.0267 stands at the 100% percentile of the past 1 year, and the crack spread of 55.68 USD/bbl provides cost-side support for bitumen. On the macro front, the RatingDog manufacturing PMI is expected at 52.0, indicating moderate expansion in chemical demand. Direction failure condition: daily close breaks below 5090 (next pivot S1).