SHANGHAI, Apr. 14 (SMM) – In the Shanghai physical market, copper was offered Monday at premiums of RMB 150-600/mt over the SHFE current-month copper contract price. Traded prices were RMB 48,300-48,450/mt for standard-quality copper and RMB 48,400-48,600/mt for high-quality copper. A sharp rebound in the SHFE current-month copper contract price drove the price gap between the SHFE 1404 copper contract and the SHFE 1405 copper contract to as high as RMB 600/mt. As a result, physical premiums for high-quality copper were quoted at RMB 500-600/mt, and those for standard-quality copper were RMB 450-500/mt. The high premiums restrained trading activity in the market. SHFE copper prices rose further by around RMB 500/mt by the midday, while the price gap between the SHFE 1404 copper contract and the SHFE 1405 copper contract also expanded to RMB 900/mt. Cargo holders ramped up moving goods to generate cash before the delivery date, which inflated copper supply and in turn significantly dragged down physical premiums. Premiums were quoted mostly between RMB 150-350/mt, but transactions were modest and largely were conducted among middlemen. Downstream producers barely entered the market believing that prices were too high. Short positions for the SHFE current-month copper contract should continue to see liquidations ahead of the delivery due Tuesday since SHFE copper prices now hover at high levels.