Overnight, the European Central Bank (ECB) announced its interest rate decision on the evening of June 5 (Beijing time), cutting its three key interest rates by 25 basis points. The ECB may subsequently increase the intensity of its monetary easing measures. LMBA silver spot prices hit a new high in over 13 years. Today, domestic silver prices opened higher with a gap and held up well. According to SMM, in Shanghai, the TD premium for cash-and-carry national standard silver ingot warrants was quoted at 3-4 yuan/kg. After the silver price strengthened, some market quotations against TD were slightly lowered to parity quotes. As the intraday silver price rose by over 3%, some suppliers suspended quoting and adopted a wait-and-see approach. After the upward trend in silver prices became clear, downstream players made a small amount of just-in-time procurement. However, most silver nitrate enterprises still focused on cargo pick-up under long-term contracts, with fewer inquiries and transactions, resulting in generally sluggish trading in the spot market.
