Precious metal prices rebounded and rose today, with bullish sentiment surging again. The spot-futures price spread of SHFE silver 2510 contract-TD remained highly volatile, as suppliers who previously quoted prices for the SHFE silver October contract gradually concluded deals. According to SMM, in Shanghai, spot cash transactions of national standard silver ingot warrants were concluded at a premium of 0-2 yuan/kg against TD for just-in-time procurement, except for a few suppliers who sold large smelter silver ingots at a premium of 2 yuan/kg against TD. Most suppliers quoted large smelter silver ingots at a premium of 3-4 yuan/kg against TD or at a discount of 14-15 yuan/kg against SHFE silver 2510 contract and 35 yuan/kg against SHFE silver 2512 contract. In Jiangxi, smelter cargoes self-picked up from production site were initially quoted at a discount of 1 yuan/kg against TD but eventually concluded at a lower discount after negotiation. The fluctuation in spot-futures price spread led some traders to refuse to budge on prices and hold back sales, while downstream buyers maintained just-in-time procurement, resulting in moderate market transactions.
