SHANGHAI, Oct. 17 (SMM) – As LME copper prices closed up overnight, SHFE 1301 copper contract, the most active one, started marginally up at RMB 58,830/mt Wednesday. In the morning, SHFE copper prices rose temporarily before hovering around RMB 58,900/mt, and then climbed to an intraday high of RMB 58,980/mt. But SHFE copper prices began falling rapidly after 10am as Chinese stock markets fell, and since LME copper dipped owing to an increasing dollar, but merely gained buying support and rallied marginally after retreating to as low as RMB 58,480/mt. But SHFE copper prices slipped again in the afternoon after meeting resistance at RMB 58,750/mt. SHFE 1301 copper contract closed RMB 100/mt or down at RMB 58,660/mt, with positions only adding by 472 lots and trading volumes increasing by nearly 20,000 lots to 176,000 lots. Despite a down close, the most active copper contract still hovered around the 5-day moving average but suffered great pressure at RMB 59,000/mt. SHFE copper’s fluctuating band gradually narrowed during the day and awaited new guidance.