SHANGHAI, Apr. 17 (SMM) – The most active SHFE copper contract price started Wednesday’s night session higher at RMB 46,730/mt, boosted by a rally in LME copper prices, and later surrendered some gains to end up RMB 430/mt at RMB 46,500/mt. Traded volumes held steady at around 210,000 lots, while positions added 4,094 lots. The red metal suffered resistance at RMB 46,700/mt on Thursday, and subsequently tracked LME copper prices down to an intraday low of RMB 46,370/mt. SHFE copper prices at last finished up RMB 470/mt, or 1.02%, at RMB 46,540/mt. Traded volumes shed 106,000 lots, and positions gained 5,088 lots. SHFE copper prices have rebounded above the 5-day moving average, with longs and shorts struggling at RMB 46,500/mt. With the lack of guidance from LME copper prices, the SHFE/LME copper arbitrage ratio is expected to improve in the next two trading days.