SHANGHAI, Dec. 15 (SMM) –As LME copper prices plunged overnight, SHFE 1202 copper contract prices opened RMB 2,290/mt lower at RMB 53,430/mt Thursday. As both long and short investors chose to close positions on a large scale during the whole trading day, SHFE three-month copper contract prices met new resistance at RMB 54,000/mt, with prices narrowly fluctuating around RMB 53,800/mt in the morning business. In the afternoon session, as the Shanghai Composite Index lost 2,200 points, and since LME copper prices slid below USD 7,200/mt, SHFE three-month copper contract prices declined below RMB 53,400/mt, down as low as RMB 52,820/mt. Finally, SHFE 1202 copper contract prices closed at RMB 53,460/mt, down RMB 2,260/mt or 4.06%, while SHFE 1203 copper contract prices fell to RMB 52,420/mt and finally ended at RMB 53,050/mt, down RMB 2,430/mt. Positions for SHFE 1202 copper contracts were down 29,494 lots, but trading volumes were up 32,192 lots, while positions and trading volumes for SHFE 1203 copper contracts were up 53,612 lots, and 270,000 lots, respectively, a signal of the completion of the most actively-traded copper contracts. SHFE copper prices are expected to extend losses for the foreseeable future.