This report is provided by MacroTerms.com

Data as of: 2026-10-09 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

In-Depth Analysis of SHFE Copper: Bullish Bias and International vs. Chinese Market Premium | 2026-10-10

This report holds a bullish view on SHFE Copper (CU2611). The core logic is: at the macro level, the US dollar and US Treasury yields are oscillating at high levels, but Chinese inventories continue to destock, LME inventories have declined significantly, and combined with a strong rebound in the night session, this indicates demand resilience. Technically, the price has stabilized above the 20-day moving average and is in the upper-middle part of the 20-day channel, with the night session breaking through the intraday pivot resistance. Cross-asset comparison shows the copper-gold ratio is at the 98th percentile over 1 year, indicating copper is performing strongly relative to gold. The directional invalidation conditions are an effective daily close below 108770 or a night session drop below 110190.