Spot copper in Shanghai was quoted at a premium of RMB 50-300/mt over SHFE 1308 copper contract prices on Wednesday. Traded prices were RMB 50,680-50,800/mt for standard-quality copper, and RMB 50,900-51,000/mt for high-quality copper. Cargo holders were anxious to sell out of bearishness, causing premium to narrow. There was a RMB 250/mt price gap between imported standard-quality copper and high-quality copper. Hydro-copper was sold at prices below SHFE 1308 copper contract at mid-day. Middlemen chose to stay out of the market until premium narrows further, while downstream producers bought to need. In the afternoon, cargo holders were more eager to move goods, with premiums for spot copper narrowing to RMB 30-220/mt. Premiums for high-quality copper, such as Guixi, fell to RMB 200/mt at the tail of trading, with most deals done between traders.