SHANGHAI, June 23 (SMM) – In the Shanghai physical market, copper was offered Monday at a RMB 600-800/mt premium over the SHFE front-month copper contract. Traded prices were RMB 50,550-50,700/mt for standard-quality copper and RMB 50,700-50,800/mt for high-quality copper. Some hedged copper supply was tied up in the futures market after SHFE copper prices surged by around RMB 1,000/mt. The resultant decreasing supply further pushed up physical premiums. As SHFE copper prices extended gains later, middlemen stayed essentially on the sidelines amid sluggish trading activity. Downstream producers regarded copper prices above RMB 50,000/mt as too much high, and cargo holders increased deliveries at high prices, with physical premiums narrowing slightly. Most market participants continued to hold a wait-and-see attitude on Monday, leaving light transactions.