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데이터 기준일: 2026-11-05 · 결제 기준: 거래소 결제가(베이징 시간 15:00 종가, 전일 결제 대비)

Iron Ore (I2701) Deep Analysis Report | Bullish: Pullback Rises Near 20-Day Upper Band | 2026-11-06

Direction: Bullish. Iron Ore I2701 settlement price 687 [2026-11-05], +1.32% over 5 days, +1.25% over 20 days, price at 96.9% position within the 20-day range of 660–692, approaching the upper band. Core drivers are three: One is main force reducing positions by 1,034 hands accompanied by +1.77% rise, attributed to short covering rather than long squeeze, healthy upside momentum. Two is the net short position of 46,087 hands among the top 20 seats, which expanded by only 2,681 hands from the previous day, indicating that short sellers have not engaged in frantic positioning, and there is still room for covering. Three is the Shanghai Futures Exchange (SSE) FEF synchronously strengthening (+2.53% over 5 days), with China tax-exemption premium +7.03% supporting the Chinese market. Direction invalidation condition: Daily close breaks below the next pivot S1 683.33.