Precious metal prices continued to hold up well today, with the spot-futures price spread for SHFE silver 2510 contract-TD remaining above 30 yuan/kg. According to SMM, in Shanghai, physical standard silver ingot warrants were still trading at a premium of 3-5 yuan/kg against TD, while large-scale silver ingots were transacting at a premium of 5-7 yuan/kg against TD on a just-in-time procurement basis. Some suppliers were offering discounts of 22-26 yuan/kg against the SHFE silver 2510 contract, but transactions were relatively quiet. A small amount of physical standard silver ingots (non-warrant) in Shanghai were quoted at parity against TD, and smelter-delivered physical silver in Jiangxi was quoted at a premium of 1 yuan/kg against TD. With silver prices fluctuating at highs, downstream end-users made just-in-time procurement at premiums when prices dipped, and market transactions were moderate.
