SHANGHAI, Jul. 16 (SMM) – As LME copper surged overnight, SHFE 1210 copper contract, the most active one, started higher by RMB 410/mt at RMB 55,880/mt Monday. After the opening, the contract drifted higher to RMB 56,000/mt amid position closings by shorts, with a low at merely RMB 55,820/mt, but was pressured at levels above RMB 56,000/mt since longs were wary of entering markets and since the Shanghai Composite Index gave up the previous three days’ gains and touched a recent low. SHFE copper prices touched an intraday high at RMB 56,260/mt in the afternoon. Finally, SHFE 1210 copper contract ended RMB 700/mt or 1.26% higher at RMB 56,170/mt, with trading volumes and positions decreasing by 61,066 lots and 17,020 lots, respectively. Total trading volumes and positions for all SHFE copper contracts fell by 3,894 lots and 23,858 lots, respectively, while the turnover rate exceeded 100% for the most active copper contract. Buying increased for forward SHFE copper contracts, so SHFE copper prices stood above their 60-day moving average, posting better performance than LME copper.