Silver prices held up well during the day, with the spot-futures price spread for the SHFE silver 2510 contract-TD widening to 30-33 yuan/kg. Trading volume increased in the spot market. According to SMM, today, the TD premium for national standard silver ingot warrants, traded on a cash-and-carry basis in the Shanghai area, was raised to 5-6 yuan/kg. Despite the discount for suppliers quoting against the SHFE silver 2510 contract remaining at 22-23 yuan/kg with thin trading, these suppliers were generally reluctant to sell, and the discount against the SHFE silver 2510 contract did not significantly widen. Smelters in the South China market quoted a discount of 25 yuan/kg against the SHFE silver 2510 contract for ex-factory prices. Downstream buyers made only a small amount of just-in-time procurement, with trading remaining thin. Due to the spot-futures price spread, suppliers' quotes varied widely during the day. Downstream terminal customers maintained just-in-time procurement. After the fear of price declines eased, the trading atmosphere in the spot market gradually improved.
