SHANGHAI, June 6 (SMM) – In the Shanghai physical market, copper was offered Friday at RMB 240-420/mt premium over the SHFE front-month copper contract. Traded prices were RMB 49,800-50,100/mt for standard-quality copper and RMB 49,900-50,100/mt for high-quality copper. SHFE copper prices became more resistant to declines, while the SHFE/LME copper price ratio also improved appreciably. Meanwhile, the probe into metals financing at the Chinese port of Qingdao fermented. As a result, a large amount of warehouse receipts flocked into the market, significantly inflating market supply, and cargo holders slashed premiums to make deals. Physical premiums gradually fell to RMB 350/mt, down from RMB 500/mt in the morning trading session. Middlemen were mostly selling goods, while downstream producers began purchasing goods ahead of the weekend. Supply, however, continued to outpace demand in the market with prevailing panic sentiment.