SHANGHAI, Apr. 23 (SMM) – In the Shanghai physical market, copper was offered Wednesday at a premium of RMB 440-600/mt over the nearby SHFE contract. Traded prices were RMB 47,980-48,150/mt for standard-quality copper and RMB 48,040-48,280/mt for high-quality copper. As SHFE copper prices rallied before a pullback, cargo holders ramped up deliveries at high prices, and copper supply from long-term contracts continued to flow in the market. As a result, physical premiums fell with signs of panic selling in the market, but downstream producers still favored standard-quality copper, allowing narrower gap between standard-quality and high-quality copper. Standard-quality copper was quoted at a premium of RMB 440-520/mt over the nearby SHFE contract by the midday. Middlemen were disinclined to enter the market after physical premiums continued to narrow, with light trading volumes and supply exceeding demand.