With the U.S.-EU trade negotiations stalled and the deadline for Trump's tariffs approaching, the market is concerned that the U.S.-EU trade negotiations may break down, driving precious metals to new highs amid safe-haven demand. After silver prices strengthened today, according to SMM, suppliers actively sold off their inventory, and some traders lowered their premium quotes after the spot-futures price spread narrowed in the morning session. Today, in the Shanghai region, the quotation for TD warrants of national standard silver ingots with cash payment and spot delivery was a premium of 2-3 yuan/kg or a discount of 32-34 yuan/kg against the SHFE silver 2510 contract. The spot silver ingots from large factories were quoted at a premium of 3-4 yuan/kg against TD. In some regions, the spot national standard silver ingots picked up directly from factories were quoted at parity against TD. The downstream purchase activity was poor today, and the market was filled with a strong wait-and-see sentiment.
