SHANGHAI, Jul. 6 (SMM) – SHFE 1210 copper contract, the most active one, started slightly down by RMB 30/mt at RMB 55,940/mt Friday. China's central bank's move in cutting interest rates merely lifted copper markets marginally since investors considered this as a further slow in the Chinese economy. In this context, the Shanghai Composite Index slid to a recent low again, while LME copper prices began slipping owing to a rebounding US dollar index. Shorts increased positions and exerted selling immediately after the opening since they believed economic figures to be released July 9 will remain weak. As a result, SHFE copper prices retreated all the way and only touched a high at RMB 56,08o/mt but with a low at RMB 55,500/mt. Nevertheless, both LME and the Shanghai Composite Index rallied in the afternoon and helped SHFE copper return around the daily moving average and narrow daily losses. Finally, SHFE 1210 copper contract ended RMB 190/mt or 0.34% lower at RMB 55,720/mt, with trading volumes adding by 29,338 lots but positions decreasing by 4,728 lots. Trading volumes and positions for SHFE 1211 copper contract increased by 19,242 lots and 10,584 lots, respectively, with growing selling pressures for forward SHFE copper contracts. With overlapping at the 5 and 60-day moving averages, SHFE copper prices are unlikely to maintain current highs for the near future.