SHANGHAI, Jun. 3 (SMM) – SHFE 1309 copper contract started Monday RMB 570/mt higher at RMB 53,000/mt, bolstered by surging LME copper in the morning. The most active SHFE copper contract found its high at RMB 53,220/mt, but then sank to RMB 52,800/mt as worse-than-expected HSBC’s final China manufacturing PMI for May triggered sell-off. SHFE copper for September delivery, however, bounced back to the daily moving average at the tail of the session before closing at RMB 53,010/mt, up RMB 250/mt or 0.47%. Trading volumes and positions were down 97,698 lots and 8,246 lots, respectively. SHFE 1309 copper contract stabilized at several moving averages, and will likely rise further.