SHANGHAI, Jun. 29 (SMM) – As LME copper remained weakness overnight, SHFE 1210 copper contract, the most active one, started RMB 130/mt lower at RMB 54,070/mt Friday. After the opening, the contract hovered narrowly around RMB 54,150/mt amid position closings. Near the midday, the euro surged and helped LME copper soar through USD 7,500/mt. The Shanghai Composite Index also climbed by 1.4% and caused the contract to break resistance at RMB 55,000/mt before continuing to climb up, since longs entered markets. SHFE 1210 copper contract touched a high at RMB 55,410/mt in the afternoon and basically lurched around RMB 55,200/mt before the tail of trading. Finally, the SHFE 1210 copper contract closed RMB 1,040/mt or 1.92% higher at RMB 55,240/mt, with trading volumes increasing by 265,000 lots but positions decreasing by 16,868 lots. Total trading volumes for all SHFE copper contracts added by 336,000 lots while positions fell by 35,614 lots. Both longs and shorts were eager to close positions amid rebounding copper prices, but longs had little interest in keeping up with rising prices at above RMB 55,000/mt. Longs and shorts will struggle around RMB 55,000/mt during July, but the low-end SHFE copper price is likely to rise.