Spot copper in Shanghai was quoted at a backwardation of RMB 30-160/mt over SHFE 1311 copper contract Tuesday morning. Traded prices were RMB 51,530-51,600/mt for standard-quality copper, and RMB 51,600-51,670/mt for high-quality copper. Some traders bought spot copper while selling SHFE copper. Falling supply enabled most suppliers to quote at backwardation, depressing buying interest. Downstream producers refrained from buying in the belief that prices would fall further. Traders are optimistic that backwardation will continue to rise given the upcoming delivery of SHFE 1311 copper contracts. In the afternoon, copper supply was maple with some speculators moving goods continuously. However, most cargo holders were reluctant to budge on prices, with spot copper quoted at a backwardation of RMB 50-150/mt. Traded prices were RMB 51,580-51,700/mt, and transactions improved slightly.