SHANGHAI, Oct. 16 (SMM) – As LME copper prices rebounded slightly overnight, SHFE 1301 copper contract, the most active one, started marginally RMB 250/mt up at RMB 58,700/mt Tuesday. Following the opening, the contract hovered narrowly around RMB 58,750/mt and touched a low at only RMB 58,650/mt. SHFE copper prices drifted around RMB 80/mt higher in the afternoon before reaching a high at RMB 58,890/mt, and rallied again after diving slightly at the tail of trading. SHFE 1301 copper contract settled RMB 340/mt or 0.58% higher at RMB 58,790/mt, with trading volumes and positions down by 40,288 lots and 4,328 lots, respectively. The drop in positions tended to speed up, and there were clear signs the most active copper contract began to shift. As longs and shorts struggled severely, SHFE copper prices suffered great pressure at upside moving averages.