Precious metal prices held up well today, with the spot-futures price spread of Shanghai silver futures 2510 contract narrowing to within 25-30 yuan/kg. According to SMM, warrant prices for spot silver ingots with cash payment in Shanghai were quoted at a premium of 4-5 yuan/kg against TD or at a discount of 20 yuan/kg against Shanghai silver futures 2510 contract. However, downstream inquiries decreased, resulting in thin market transactions, with some suppliers selling small quantities at a discount of 24-26 yuan/kg against Shanghai silver futures 2510 contract. Large manufacturers quoted silver ingots at a premium of 6-8 yuan/kg against TD, with suppliers showing low willingness to sell and firm offers. As silver prices strengthened, approaching yearly highs, downstream end-users became cautious about potential declines and adopted a wait-and-see approach. With month-end account closing approaching and the spot-futures price spread narrowing, traders’ enthusiasm for selling also declined, leading to weaker market transactions.
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM’s internal database model, for reference only and do not constitute decision-making recommendations.