M
樞安量化 MacroTerms
👑 購買會員 個人中心
📰 早報內參 👤 會員總覽 ⚙️ 帳戶設定 📒 策略本 🧾 訂閱與帳單 🎫 線上工單
📅 2026-09-26 · COMEX精銅 · 單品種深度報告

本報告來自 MacroTerms.com

數據截止: 2026-09-26

Copper (HG=F) Deep Dive | 2026-09-26: Range-Bound Amid Crowded Longs | 2026-09-26

Copper (HG=F) closed at 6.696 on 2026-09-25, down 0.34% on the day but up 2.37% over five days and 2.8% over twenty days, reflecting a market that has recovered from recent lows but lacks a decisive catalyst. The technical picture is mixed: price sits below the daily pivot of 6.765 and the first resistance at 6.804, while the 20-day ATR of 0.1274 signals elevated volatility. The fundamental backdrop is clouded by a crowded speculative long position (net non-commercial at 65,106 contracts as of 2026-09-15, down 17,048 week-on-week) and a copper-gold ratio at the 91st percentile of its one-year range, suggesting copper is expensive relative to gold. Inventories present a bullish counterpoint: SHFE warrants fell to 16,620 MT, down 2,468 MT week-on-week, while LME stocks stand at 251,175 MT. The flattening of the forward curve (M1-M2 spread of -0.003) indicates near-term tightness. With the US 10-year yield at 5.18% and DXY at 101.04, macro headwinds persist. We maintain a neutral-to-cautious stance, favoring range-trading strategies with tight risk controls until a breakout above 6.804 or a breakdown below 6.733 clarifies direction.

往期研報封存

2026-10-09:單品種Copper (HG=F) Deep Dive | Bullish on Supply Tightness | 2026-10-09 查看 2026-10-08:單品種Copper (HG=F) Deep Dive | Bullish on Supply Tightness | 2026-10-08 查看 2026-10-07:單品種Copper (HG=F) Deep Dive | 2026-10-07 — Constructive Base, Long Bias Into 6.72/6.93 | 2026-10-07 查看 2026-10-06:單品種Copper (HG=F) Deep Dive | 2026-10-06 — Constructive Base, 6.93 the Line | 2026-10-06 查看 2026-10-05:單品種Copper (HG=F) Deep Dive | 2026-10-05 — Long into the 6.5 pivot shelf, 6.46 invalidation | 2026-10-05 查看 2026-10-04:單品種Copper (HG=F) Deep Dive | 2026-10-04 — Constructive Base, 6.5 Pivot Is the Line | 2026-10-04 查看 2026-10-03:單品種Copper (HG=F) Deep Dive | 2026-10-03 — Long into the seasonal window, 6.46 invalidation | 2026-10-03 查看 2026-10-02:單品種Copper (HG=F) Deep Dive | 2026-10-02 — Constructive Base, 6.48 Pivot Is the Line | 2026-10-02 查看 2026-10-01:單品種Copper (HG=F) Deep Dive | 2026-10-01 — Constructive Base, Buy the S1 Shelf | 2026-10-01 查看 2026-09-30:單品種Copper (HG=F) Deep Dive | 2026-09-30 — Buy the Contango Flush, Not the Break | 2026-09-30 查看 2026-09-29:單品種Copper (HG=F) Deep Dive | 2026-09-29: Backwardation Meets Crowded Longs | 2026-09-29 查看 2026-09-28:單品種Copper Deep Dive | Long 6.75 Retest, Crowded But Not Broken | 2026-09-28 查看 2026-09-27:單品種Copper (HG=F) Deep Dive | 2026-09-27 — Long Into the 6.93 Range Top, 6.69 Invalidates | 2026-09-27 查看 2026-09-25:單品種Copper (HG=F) Deep Dive | 2026-09-25 | Backwardation, Tight Inventories, and Stretched Longs | 2026-09-25 查看 2026-09-24:單品種Copper (HG=F) Deep Dive | 2026-09-24: Contango, Crowding, and a 5.17% Weekly Surge | 2026-09-24 查看 2026-09-23:單品種Copper (HG=F) Deep Dive | 2026-09-23: Squeeze Into Record | 2026-09-23 查看 2026-09-22:單品種Copper (HG=F) Deep Dive | 2026-09-22: Squeeze Signals and Stretched Positioning | 2026-09-22 查看 2026-09-21:單品種Copper (HG=F) Deep Dive | 2026-09-21: Squeeze Risk Builds as Price Breaks Pivot | 2026-09-21 查看 2026-09-20:單品種Copper (HG=F) Deep Dive | 2026-09-20: Squeeze Risk Builds as LME Stocks Fall, China Premiums Surge | 2026-09-20 查看 2026-09-19:單品種精铜(HG=F)深度分析报告 | 2026-09-19 | 伦铜周线11涨与COT净多骤降背离 | 2026-09-19 查看

⟠ 本月策略回測表現

每日早報 AI 觀點逐日跟蹤結算 · 止損/目標客觀撮合

* 回測基於日報交易觀點逐日結算:止損/目標先到為準,窗口末按收盤平倉。過往表現不代表未來收益。