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데이터 기준일: 2026-10-13 · 결제 기준: 거래소 결제가(베이징 시간 15:00 종가, 전일 결제 대비)

Deep Analysis of SHFE Copper: Bullish, Copper-Gold Ratio at Historical Extreme Percentile | 2026-10-14

This report holds a bullish view on SHFE Copper (SHFE.CU). The core drivers are: US inflation data exceeding expectations may strengthen the US dollar and interest rate expectations, supporting copper's financial attributes; meanwhile, the copper-gold ratio is at the 99.6th percentile over the past year, indicating copper's strong performance relative to gold; China's inventory accumulation is slight but overall remains at low levels, with the tight supply-demand balance unchanged. Technically, the price is near the upper rail of the 20-day channel, and the night session continues to show strength. The condition for the directional thesis to fail is a daily close effectively breaking below 110180 (S1 Pivot level).