SHANGHAI, Jun. 13 (SMM) – Spot copper in Shanghai was offered at a premium of RMB 10-150/mt over SHFE 1306 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 52,500-52,550/mt, and RMB 52,550-52,700/mt for high-quality copper. SHFE 1310 copper contract prices plummeted by close to 2%, creating opportunities for arbitrage. More imported copper flowed into the market due to the appreciable rebound in the SHFE/LME copper price ratio. This kept spot copper in abundant supply, sending premium all the way down. Middlemen held to a wait-and-see stance as the price gap between SHFE 1306 and SHFE 1307 copper contracts was RMB 200/mt. Downstream producers went bargain hunting following the three-day break. Imported standard-quality copper gained favor due to sharp slump in prices.