SHANGHAI, Jul. 2 (SMM) – As LME copper surged wildly last Friday, SHFE 1210 copper contract, the most active one, started RMB 960/mt up at RMB 55,750/mt Monday. After the opening, a great number of longs took profit-taking. Besides, the HSBC later announced its final HSBC China manufacturing PMI continued to slip, prompting new shorts to enter markets. In this context, SHFE 1210 copper contract only touched a high at RMB 55,950/mt and then trended down, completely coming under pressure at the daily moving average and gradually surrendering daily gains. SHFE 1210 copper contract retreated to an intraday low of RMB 55,260/mt in the afternoon and finally settled at RMB 55,370/mt, still up RMB 580/mt or 1.06%. Trading volumes and positions for the most active SHFE copper contract decreased by 213,000 lots and 9,440 lots, respectively. Trading volumes and positions for all SHFE copper contracts fell by 240,000 lots and 14,876 lots respectively. Market participants were skeptical over rebounds in copper prices which faced great pressure at 56,000/mt. SMM thus believes that SHFE copper will fluctuate at relatively high levels for the near future and test effectiveness of recent trading range.