SHANGHAI, Jul. 26 (SMM) – Spot copper in Shanghai was quoted at a premium of RMB 50-280/mt over SHFE 1308 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 50,880-51,000/mt, and RMB 51,000-51,200/mt for high-quality copper. SHFE 1311 copper contract moved lower after a high opening, leaving spot copper suppliers in a hurry to sell for cash. Ample supply pushed spot premium down. Prices of Guixi brand copper, however, remained firm due to short supply. Holders of imported standard-quality copper also actively cut offers. Middlemen and downstream producers stayed out of the market, depressing overall trading.