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Data as of: 2026-10-12 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

SHFE Copper (CU2611) In-Depth Analysis Report | Bullish Bias: Inventory Destocking and Copper-Gold Ratio Resonance | 2026-10-13

Bullish bias. SHFE Copper CU2611 settled at 110770 yuan/ton on [10-12 settlement], up 0.93%, with a 5-day gain of +1.09% and a 20-day gain of +1.7%; price is at the 70.1% percentile of the 20-day channel of 106650–112330, with pivot P at 110640, and the settlement price has moved above the pivot. On the drivers side, LME inventory destocked by 2200 tons to 233025 tons on [10-09], COMEX registered warrants rose by 4500 short tons to 475900 short tons on [10-08], and SHFE warrants stood at only 8785 tons on [10-12], up 500 tons, leaving China's visible inventory at a low absolute level; the main contract's nominal open interest is 107.9 billion yuan, up 17.2 billion yuan on the day, indicating a long-driven rally on active position building. The copper-gold ratio at 1.61 sits at the 99.6% percentile over 1 year, with growth expectations fully priced. Invalidation condition: daily close below S1 at 110180 and LME inventory turning to consecutive builds.