SMM

Precious metal prices continued their upward trend today, with London silver firmly holding above the $40/oz target level. The spot-futures price spread for the SHFE silver 2510 contract narrowed again after a slight widening in the morning session, remaining below 30 yuan/kg. According to SMM, in Shanghai, premiums and discounts for spot-payment spot national standard silver ingot warrants against TD were lowered to quotes of -1~2 yuan/kg or at a discount of 24 yuan/kg against the SHFE silver 2510 contract. In Shenzhen, suppliers offered discounts of 26 yuan/kg against the SHFE silver 2510 contract with limited transactions. Premiums for large-brand silver ingots against TD were also reduced to quotes of 2-3 yuan/kg. Fear of high prices among both upstream and downstream participants in the spot market increased compared to yesterday, resulting in thinner trading volumes. Some suppliers sold at discounts against TD, while downstream buyers only engaged in limited buying the dip, with strong wait-and-see sentiment prevailing in the market.