In the morning session, silver prices were in the doldrums. The spot-futures price spread for SHFE Silver 2510 contract narrowed to 25-30 yuan/kg, with suppliers' quotes showing no significant adjustment from yesterday. According to SMM, in the Shanghai area, physical delivery of standard silver ingots was quoted at a premium of 3-4 yuan/kg against TD, while large-scale silver ingots were quoted at a premium of 5 yuan/kg against TD or at a discount of 20-21 yuan/kg against SHFE Silver 2510 contract. In Jiangxi, smelters quoted standard silver ingots at a premium of 1 yuan/kg against TD, and in Henan, smelters quoted at a discount of 1-2 yuan/kg against TD for standard silver ingots. After the decline in silver prices, downstream buyers showed high enthusiasm for buying the dip, leading to moderate trading in the spot market.
