SHANGHAI, Jul. 8 (SMM) – In the Shanghai physical market, copper was offered Tuesday at a RMB 0-140/mt discount over the SHFE 1407 copper contract. Traded prices were RMB 51,500-51,600/mt for standard-quality copper and RMB 51,600-51,700/mt for high-quality copper. As SHFE copper prices bottomed out, cargo holders continued to convert inventories into cash, with the market dominated by leading copper brands and imported standard-quality copper. Cargo holders offered a small premium to hold prices firm during the morning trading, but few transactions were reported. High-quality copper was barely offered at a premium after being lowered. Physical copper discounts, however, didn’t expand since middlemen entered the market to buy low-priced goods. Meanwhile, downstream producers continued to purchase copper only to need, and a majority of transactions were done among middlemen on Tuesday.