SHANGHAI, Apr. 24 (SMM) – SHFE 1308 copper contract started Wednesday RMB 50/mt higher at RMB 49,180/mt. After its opening, LME copper broke through USD 7,000/mt, and the Shanghai Composite Index advanced 1.5%, pushing the most active SHFE copper contract all the way up to RMB 51,090/mt. Later, SHFE copper for August delivery gave back some of its earlier gains and hovered at RMB 50,500/mt as longs closed positions. Finally, the most active SHFE copper contract finished at RMB 50,600/mt, a RMB 1,470/mt or 2.99% surge. Trading volumes of SHFE 1308 copper contract increased 16,602 lots, but positions decreased 58,258 lots. Total trading volumes were up 104,000 lots, while total positions contracted 51,236 lots. The turnover rate was as high as 274%, suggesting trading activity was fairly active. Longs and shorts were cautious at RMB 51,000/mt, and future price trend depends on the struggle between the two sides.