SHANGHAI, Jul. 5 (SMM) – SHFE 1310 copper contract opened RMB 130/mt lower at RMB 50,110/mt on Friday. The most active SHFE copper contract retreated from RMB 50,000/mt to RMB 49,500/mt after its opening due to massive selloff of SHFE forward-month copper contracts, and dipped further to RMB 49,390/mt in the afternoon. Finally, SHFE copper for October delivery finished at RMB 49,440/mt, down RMB 800/mt or 1.59%. Trading volumes and positions of SHFE 1310 copper contracts shrank 57,802 lots and 28,632 lots, respectively, while trading volumes and positions of SHFE 1311 copper contracts increased 53,230 lots and 25,688 lots, respectively. Sell-off is expected to escalate.