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📅 2026-11-02 · SHFE Copper · Single-name brief

This report is provided by MacroTerms.com

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

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.

Single-name briefs Deep dive

SHFE GoldSHFE.AU 2026-11-02
SHFE Gold 2612 In-depth Report | Breaking Below 20-Day Low, Bears Dominate | 2026-11-02
SHORTneutral_context
Deep diveRead
SHFE SilverSHFE.AG 2026-10-09
Shanghai Silver (SHFE.AG) In-Depth Analysis Report | Bears in Control, Below 14745 Target 14220 | 2026-10-09
SHORTneutral_contextrevisedLegacy coverage
Deep diveRead
SHFE CopperSHFE.CU 2026-11-02
Copper (SHFE.CU) Deep Analysis Report | Bearish Outlook on Range Low | 2026-11-02
SHORTneutral_context
Deep diveRead
RebarSHFE.RB 2026-11-02
Rebar (RB2701) In-Depth Analysis Report | Bearish: Decline on Rising Open Interest Breaks Pivot, Inventory Turning Point Combined with Active Shorts | 2026-11-02
SHORTdaily-briefaligned
Deep diveRead
RapeseedCZCE.RS 2026-11-02
CZCE.RS(RS2701) Deep Analysis Report | Oscillating Bullish, 5385 Support, Buy on Dips | 2026-11-02
LONGno_house_view
Deep diveRead
Caustic SodaCZCE.SH 2026-11-02
CZCE.SH(CZCE.SH) Deep Analysis Report | Caustic Soda Bearish Observation | 2026-11-02
SHORTno_house_viewrevised
Deep diveRead
FiberboardDCE.FB 2026-11-02
DCE.FB(FB2612) In-Depth Analysis Report | Bearish: Feeble Rebound on Position Reduction, Pressured by Lower 20-Day Channel Band | 2026-11-02
SHORTno_house_view
Deep diveRead
Iron OreDCE.I 2026-11-02
Iron Ore (I2701) Deep Analysis | Bearish: Decline with Decreased Position + Expanded Net Short | 2026-11-02
SHORTneutral_context
Deep diveRead
Japonica RiceDCE.RR 2026-11-02
DCE.RR(RR2612) Deep Analysis Report | Bearish, Downtrend Persists with Increased Open Interest | 2026-11-02
SHORTno_house_view
Deep diveRead
BitumenSHFE.BU 2026-11-02
SHFE.BU(BU2701) In-Depth Analysis Report | Upside Breakout on Rising Open Interest, Bullish View | 2026-11-02
LONGno_house_view
Deep diveRead

Previous briefs

2026-11-01：Single-nameCopper (SHFE.CU) Deep Analysis Report | Bearish Pattern Observed, Watching for Pullback to Support | 2026-11-01 View 2026-10-31：Single-nameCopper (CU2612) Deep Analysis Report | Bearish: Inventory Accumulation and Net Short Expansion | 2026-10-31 View 2026-10-30：Single-nameCopper (CU2612) Deep Analysis Report | Bearish: High Copper-to-Gold Ratio Amid Reducing Positions | 2026-10-30 View 2026-10-29：Single-nameSHFE Copper (CU2612) In-Depth Analysis | Bullish, Inventory Destocking + Premium Recovery in Tandem | 2026-10-29 View 2026-10-28：Single-nameSHFE Copper (CU2612) In-Depth Analysis | Bullish: Destocking + Premium Rebound, Night Session Breaks Pivot P | 2026-10-28 View 2026-10-27：Single-nameCopper (CU2612) Deep Analysis | Bullish: Inventory Drawdown + Premium Recovery | 2026-10-27 View 2026-10-26：Single-nameSHFE Copper (SHFE.CU) Deep Analysis Report | Bearish Observation 107900 Settlement | 2026-10-26 View 2026-10-25：Single-nameSHFE Copper (SHFE.CU) Deep Analysis Report | Bearish Watch | 2026-10-25 View 2026-10-24：Single-nameCopper (SHFE.CU) Deep Analysis Report | Bearish Logic Complete | 2026-10-24 View 2026-10-23：Single-nameShanghai Copper (CU2611) In-depth Analysis Report | Bearish Bias: Breaks Below 20-Day Channel Lower Band on Rising Open Interest | 2026-10-23 View 2026-10-22：Single-nameShanghai Copper (CU2611) In-depth Analysis Report | Bearish Bias: Inventory Drawdown Cannot Offset International Fund Position Cuts | 2026-10-22 View 2026-10-21：Single-nameShanghai Copper (CU2611) In-depth Analysis | Bullish Bias: Inventory Destocking and Domestic-External Resonance, 109833 as Bull-Bear Watershed | 2026-10-21 View 2026-10-20：Single-nameSHFE Copper (CU2611) In-Depth Analysis Report | Slightly Bullish: Destocking Plus Short Covering | 2026-10-20 View 2026-10-19：Single-nameSHFE Copper (CU2611) In-depth Analysis Report | Bullish Bias: Inventory Destocking and High Copper-Gold Ratio Resonance | 2026-10-19 View 2026-10-18：Single-nameSHFE Copper (CU2611) In-Depth Analysis Report | Bearish Bias: LME Inventory Down, SHFE Up; Seat Net Shorts Expand | 2026-10-18 View 2026-10-17：Single-nameShanghai Copper (CU2611) In-Depth Analysis Report | Bearish Bias: Inventory Turning Point and Expanding Net Short Positions | 2026-10-17 View 2026-10-16：Single-nameSHFE Copper (CU2611) In-depth Analysis | Bearish: Inventory Surge Combined with Expanding Net Shorts | 2026-10-16 View 2026-10-15：Single-nameSHFE Copper (CU2611) In-Depth Analysis Report | Bullish Bias: Inventory Destocking Coupled with Strengthening International and China Market Premiums | 2026-10-15 View 2026-10-14：Single-nameDeep Analysis of SHFE Copper: Bullish, Copper-Gold Ratio at Historical Extreme Percentile | 2026-10-14 View 2026-10-13：Single-nameSHFE Copper (CU2611) In-depth Analysis Report | Bullish Bias: Inventory Destocking and Copper-Gold Ratio Resonance | 2026-10-13 View

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