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データ基準日: 2026-11-04 · 決済基準: 取引所決済価格（北京時間15:00終値、前回決済比）

Rebar (SHFE.RB) In-Depth Analysis Report｜Bearish | 2026-11-05

Bearish. RB closed the night session at 3018, having temporarily broken below the key support level of 3000 during the session; technically, bears hold the advantage. Core rationale: 1) The price fell below the 20-day moving average and the key support of 3000;
2) Net short positions of the top 20 seats expanded to 52,200 lots, with bears actively adding positions;
3) In cross-asset ratios, the copper-gold ratio sits at a high percentile, implying pressure on physical demand. Invalidation condition: RB daily close back above 3018.