SHANGHAI, Apr. 25 (SMM) – In the Shanghai physical market, copper was offered Friday at a premium of RMB 1,150-1,300/mt over the nearby SHFE contract. Traded prices were RMB 49,600-50,000/mt for standard-quality copper and RMB 49,650-50,100/mt for high-quality copper. A sharp rebound in SHFE copper prices caused hedged supply tied up to the futures market, and physical copper supply decreased sharply, with premiums up to more than RMB 1,000/mt. Quotations for standard-quality copper were virtually the same as those for high-quality copper, while some middlemen entered the market, with a variety of brands gaining their favor. Downstream producers, however, considered present prices too high, and a majority of transactions were done by middlemen. Most market participants expect persistently high premiums next week since a short squeeze may resurface.