This report is provided by MacroTerms.com
Data as of: 2026-11-06 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Copper (SHFE.CU) Deep Analysis Report | Positioning Breaks 20-Day Low on Increased Open Interest, Bears in Control | 2026-11-07
SHFE CU2612 is bearish. Core logic: Price broke below the prior 20-day low of 105350; net short positions among the top 20 traders expanded to 17,201 hands, with main players increasing open interest by 9,880 hands amid the decline, indicating active long addition by bears. LME inventories have accumulated consecutively, and COMEX inventories have increased for nearly 20 periods, indicating ample international supply. Although the Yangshan premium has risen, it has suppressed spot transactions in North China. Invalidation condition: Daily close above 106,186.67 (next pivot R1).
This brief is published in Chinese. The English translation is being prepared.
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