SHANGHAI, Jul. 15 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-120/mt and premium of RMB 0-20/mt over SHFE 1307 copper contract prices on Monday. Traded prices for standard-quality copper were between RMB 50,350-50,550/mt, and RMB 50,430-50,650/mt for high-quality copper. The price gap between SHFE 1307 and 1308 copper contract was around RMB 200/mt, forcing cargo holders to sell at discount. Price cuts of imported standard-quality copper were sharper. The most active SHFE copper contract rebounded during the second trading session, narrowing price gap between SHFE 1307 and 1308 copper contract. Speculators entered the market to buy high-quality copper, allowing suppliers to sell at premium. However, the price spread resurfaced towards the end of the morning session, driving holders of high-quality copper to the sidelines. Spot copper suppliers will quote at premium once SHFE 1308 copper contracts become the new current-month contract tomorrow. Downstream producers were buying to need, and speculators contributed most to today’s trading.