SHANGHAI, Jul. 25 (SMM) – As LME copper extended sluggishness overnight, SHFE 1211 copper contract, the most active one, started RMB 450/mt down at RMB 54,100/mt Wednesday. After the opening, the contract pared some of losses as LME copper prices rebounded on a falling US dollar index owing to technical resistance, and gradually climbed to a high RMB 54,650/mt, up from the daily moving average. Nevertheless, as LME copper prices retreated in the afternoon, the contract dropped below the daily moving average and gained the falling momentum after dipping below the RMB 54,000/mt point, to as low as RMB 53,600/mt. Finally, the most active copper contract for November delivery settled RMB 920/mt or 1.69% lower at RMB 53,630/mt, with trading volumes and positions increasing by 11,932 lots, and 41,834 lots, respectively. Selling pressures grew after SHFE copper prices slipped below RMB 54,000/mt, and bearish sentiment also piled up. From technical indicators, SHFE copper prices have move away from recent moving averages and are likely to fall further for the near future.