SHANGHAI, Jul. 11 (SMM) – As LME copper prices came under pressure overnight, SHFE 1210 copper contract, the most active one, started RMB 330/mt down at RMB 54,970/mt Wednesday. After the opening, the contract climbed to the 10-day moving average of RMB 55,370/mt amid buying by some longs. However, LME copper prices were pushed down from earlier highs near the midday and caused the contract to experience a wave of small dives, down below the RMB 55,000/mt point. SHFE copper prices stopped falling and began lurching around RMB 55,000/mt in the afternoon. Finally, the most active copper contract for October delivery ended RMB 150/mt or 0.27% down at RMB 55,150/mt, with trading volumes increasing by 19,366 lots but positions decreasing by 4,694 lots. SHFE copper prices won temporary support at the 20-day moving average but the 5 and 10-day moving average see adhesion at around RMB 55,400/mt amid growing resistance. Hence, SMM believes SHFE copper prices will remain within the same pricing range in the foreseeable future.