SHANGHAI, Jan. 12 (SMM) –As LME copper prices extended gains overnight, SHFE 1203 copper contract prices, the most active one, opened up by RMB 620/mt at RMB 56,980/mt Thursday. SHFE three-month copper contract prices continued to fluctuate around the daily moving average after the opening, and were pushed down to a low of RMB 56,730/mt after challenging resistance at RMB 57,000/mt. In the afternoon session, a drop in the US dollar helped LME copper prices break through USD 7,800/mt, causing SHFE three-month copper contract prices to move higher and touch an intraday high of RMB 57,460/mt. Finally, SHFE 1203 copper contract prices settled at RMB 57,400/mt, up RMB 1,000/mt or 1.77%. Positions for 1203 copper contracts were down 26,206 lots, and trading volumes were down 114,000 lots. Technical support will help SHFE copper prices continue to move higher over the near term.