SHANGHAI, Jun. 4 (SMM) – As LME copper tumbled last Friday, the most active SHFE copper contract for September delivery started RMB 1,350/mt lower at RMB 53,120/mt Monday. Without guidance from the LME, the contract suffered aggressive short selling and slid all the way after touching a high at RMB 53,540/mt. In the afternoon, as the Shanghai Composite Index fell by over 2.7%, the contract retreated further, down to RMB 52,330/mt, the lowest in the past ten months. However, as investors closed positions at the tail of trading, SHFE 1209 copper contract stopped falling and kept fluctuating around RMB 52,700/mt, before finally ending at RMB 52,770/mt, down RMB 1,700/mt or 3.12%. Trading volumes and positions for the most active copper contract increased by 252,000 lots and 19,906 lots, respectively. Total positions for all SHFE copper contracts exceeded 46,000 lots during the day. From technical indicators, SHFE copper is facing greater systematic risks and will likely lose support at RMB 52,500/mt, still without guidance from the LME on Tuesday.