SHANGHAI, Jul. 4 (SMM) – SHFE 1310 copper contract opened RMB 190/mt higher at RMB 50,430/mt on Thursday. The most active SHFE copper contract sank to RMB 50,080/mt after climbing to RMB 50,580/mt as longs took profits. SHFE copper for October delivery failed to gain traction from the rally in China’s A-shares, and eventually closed at RMB 50,130/mt, down RMB 110/mt or 0.22%. Trading volumes and positions of SHFE 1310 copper contracts shrank 136,000 lots and 29,676 lots, respectively. Caution is dominating the market.