SHANGHAI, Jul. 17 (SMM) – SHFE 1311 copper contract opened RMB 350/mt higher at RMB 50,350/mt on Wednesday as LME copper extended gains overnight. The most active contract was pushed up by a wave of buying to RMB 50,760/mt near mid-day, but pulled back after meeting resistance at the 60-day moving average. In the afternoon, LME copper slid and China’s A-shares lost 1%, sending SHFE copper for November delivery down to RMB 49,850/mt. Finally, SHFE copper for delivery in four months trimmed RMB 110/mt or 0.2% to close at RMB 49,890/mt. Trading volumes and positions increased 499,000 lots and 7,348 lots, respectively. Investors exited the market ahead of US Federal Reserve Chairman Bernanke’s speech tonight. SHFE copper prices are facing downward pressure.