Spot copper in Shanghai was quoted at a contango of RMB 60-180/mt over SHFE 1311 copper contract Thursday morning. Traded prices were RMB 51,860-51,940/mt for standard-quality copper, and RMB 51,920-52,060/mt for high-quality copper. SHFE copper was mired. Most suppliers stayed out of the market on the last day of the month. Holders of hydro-copper held offers firm due to tight supply. Traders held a wait-and-see stance against cash squeeze, while downstream producers purchased in small amounts. In the afternoon, cargo holders became less willing to move goods, with contango for spot copper narrowing to RMB 10-160/mt. Traded prices nudged lower to RMB 51,750-52,000/mt. Some traders started purchasing, but overall trading remained modest.