SHANGHAI, Mar. 4 (SMM) – The most active SHFE 1405 copper contract started Monday’s night session RMB 390/mt lower at RMB 48,680/mt, and then dipped to RMB 48,600/mt, pressured by sell-offs. The red metal later bounced back around RMB 48,700/mt after shorts booked profits, and finally closed down RMB 260/mt at RMB 48,710/mt. During the night session, trading volumes tumbled by more than 240,000 lots, and positions expanded by 2,638 lots. SHFE copper prices went lower on Tuesday to find support at RMB 48,730/mt after opening at RMB 48,750/mt, but rallied to an intraday high of RMB 49,100/mt at the tail of the trading, and finished up RMB 20/mt or 0.04% at RMB 48,990/mt. Trading volumes shrank by 66,526 lots to 245,000 lots, and positions shed by 12,540 lots to 312,000 lots. SHFE copper prices followed the 5-day moving average down, with the market dominated by bearish sentiment. However, market concern is easing since an oversold situation has appeared, and technical indicators are also relatively positive. Investors should heed the support level around RMB 48,400/mt.