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

SHFE Copper (SHFE.CU) In-Depth Analysis Report | Bullish | 2026-10-11

Direction: Bullish. Core logic: 1) Technically in the upper-middle band of the 20-day channel, with strength continuing in the night session;
2) LME inventories continue to destock; although COMEX registered warrants increased, absolute levels remain low, and global visible inventory pressure is not significant;
3) International and Chinese market premiums turned positive, and expectations of an open import window support Chinese prices. Invalidation condition: daily closing price falls below 108770 (recent low).