SHANGHAI, Feb. 18 (SMM) – As LME copper fluctuating at highs during the Chinese New Year holiday period, SHFE 1305 copper contract, the most active one, opened flat at RMB 59,730/mt Monday. The contract then trended down and tested support at RMB 59,000/mt due to position closings, but stopped falling at around the 20-day moving average. In the afternoon, SHFE copper prices remained weak along with Chinese A-shares and touched an intraday low at RMB 58,870/mt at the tail of trading. SHFE 1305 copper contract settled RMB 830/mt or 1.39% lower at RMB 58,900/mt, with trading volumes up 41,148 lots but positions down 14,278 lots. Long investors tended to leave markets hastily, so SHFE copper prices were moving towards the 30-day moving average and are likely to stage repeated performance for the foreseeable future.