Silver prices rose slightly during the day. Regarding tariffs, despite the US reaching trade agreements with multiple countries including the EU, Japan, the Philippines, Indonesia, and Vietnam, key economic and trade negotiations with many countries remain at a standstill. The substantive impact of tariffs on the market after implementation remains unclear, and market risk-aversion sentiment provides underlying support for precious metals. In the spot market, according to SMM, today in the Shanghai area, there are quotes for national standard silver ingot warrants with spot cash and TD premiums of 2-3 yuan/kg, and quotes for large factory silver ingot spot against TD premiums of 3-5 yuan/kg. At month-end, there are still individual smelters in South China offering a slight discount against TD or a discount of 30 yuan/kg against the SHFE silver 2510 contract for destocking through sales. Higher premium quotes in the market are relatively difficult to close. Silver prices consolidated and formed a temporary bottom, with downstream buyers buying the dip. As month-end approached, some traders suspended trading after selling out their cargoes with invoices dated this month, and overall market trading activity was relatively light.
