SHANGHAI, Jun. 19 (SMM) – As LME copper gave up gains overnight, SHFE 1209 copper contract started RMB 220/mt down at RMB 55,020/mt Tuesday. After the opening, the contract followed LME copper to increase and then fluctuated around RMB 55,200/mt, with a high at RMB 55,290/mt. In the afternoon, the Shanghai Composite Index lowered to test support at 2,300 and pushed the contract down at the daily moving average. At the tail of trading, the US dollar rose and caused LME copper to retreat below USD 7,500/mt, so SHFE 1209 copper contract slid below the support at RMB 55,000/mt to an intraday low of RMB 54,880/mt as shorts entered markets and built positions for forward copper contracts. Finally, SHFE 1209 copper contract closed RMB 330/mt or 0.6% down at RMB 54,910/mt. SHFE 1210 copper contract reported a high at RMB 55,100/mt during the day and a low at RMB 54,650/mt, with prices finally settling at RMB 54,670/mt, down RMB 370/mt or a loss of 0.67%. SHFE 1210 copper contract became the most active copper contract during the day. Trading volumes for all SHFE copper contracts fell by 143,000 lots, but total positions added by 2,298 lots. Resistance at the 30-day moving average of RMB 55,000/mt was high and longs and shorts will struggle severely at this price mark for the near future.