SHANGHAI, Oct. 10 (SMM) – As LME copper prices surrendered gains overnight, SHFE 1301 copper contract, the most active one, started RMB 360/mt down at RMB 58,930/mt Wednesday. Following the opening, as longs and shorts conducted severe struggles, SHFE copper prices moved narrowly around the 20-day moving average of RMB 58,900/mt with a fluctuating band of merely about RMB 100/mt, but met great resistance at the RMB 59,000/mt mark. In the afternoon, as LME copper prices slipped, and as Chinese A-shares reversed earlier gains, SHFE copper prices drifted down to around RMB 58,800/mt, touching a low at RMB 58,700/mt. SHFE 1301 copper contract finally settled RMB 430/mt or 0.73% lower at RMB 58,860/mt, with trading volumes down by 98,730 lots but positions up by 2,680 lots. SHFE copper prices suffered increasing technical pressure to trend higher but found some support at the lows.