SHANGHAI, Apr. 22 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 120-220/mt over SHFE 1305 copper contract on Monday. Traded prices for standard-quality copper were between RMB 50,500-50,650/mt, and RMB 50,560-50,780/mt for high-quality copper. SHFE 1308 copper contract slid all the way down, sparking strong bearishness. Cargo holders rushed to sell for cash at highs, leading to abundant supply and narrowing premium. Middlemen entered the market in the morning. Inquiries increased after the most active SHFE copper contract continued to fall near mid-day, but trading volumes remained thin. There was no room for arbitrage. Downstream producers purchased as needed at low prices and their pessimism over future prices is growing.