On the day, silver prices fluctuated rangebound around 8,900 yuan/kg. In Shanghai, suppliers holding warrants for spot cargo of GB silver ingots with cash payment offered TD premiums slightly lowered to 2-3 yuan/kg, or discounts of 12-13 yuan/kg against the SHFE silver 2508 contract. Silver ingots from large manufacturers were offered at a premium of 3-4 yuan/kg against TD. The tug-of-war between longs and shorts in the silver market was intense, and the trend remained unclear. Many suppliers indicated that some downstream enterprises were bearish and adopting a wait-and-see attitude. Direct orders to downstream enterprises had declined recently, with only a small amount of rigid demand transactions taking place in the market.
