SHANGHAI, Apr. 28 (SMM) – In the Shanghai physical market, copper was offered Monday at a premium of RMB 1,300-1,480/mt over the nearby SHFE contract. Traded prices were RMB 50,500 -50,600 for standard-quality copper and RMB 50,550-50,700/mt for high-quality copper. As SHFE copper prices rebounded sharply, physical supply remained rather limited due to hedged supply still tied up to the futures market. In addition, some speculators continued to push up premiums on a bullish sentiment. The price gap between the nearby SHFE contract and the most active SHFE contract widened later to around RMB 1,200/mt. Copper premiums narrowed slightly after SHFE copper prices staged a rally again. The majority of middlemen stayed on guard, while downstream producers were cautious in purchases at high prices, denting trading activity overall. Cargo holders are willing to drive up physical premiums further ahead of the May Day holiday, and downstream producers are likely forced to buy goods at high prices during the last two trading days.