SHANGHAI, Oct. 23 (SMM) – Spot copper in Shanghai was quoted at a contango of RMB 0-150/mt and a backwardation of RMB 0-50/mt over SHFE 1311 copper contract on Wednesday. Traded prices were RMB 52,200-52,400/mt for standard-quality copper, and RMB 52,270-52,550/mt for high-quality copper. SHFE copper drifted lower after a high opening. Cargo holders were anxious to sell at lower prices, but offers of hydro-copper held stable due to limited supply. A small number of traders went bargain hunting, while downstream producers were cautious about buying, keeping trading muted.