Silver prices surged significantly. Approaching the month-end and holiday, multiple suppliers suspended quotations and took early leave after completing inventory clearance. In Shanghai, suppliers of national standard silver ingots quoted a premium of 2–4 yuan/kg to TD, while suppliers of large-factory silver ingots quoted a premium of 5–6 yuan/kg to TD. Downstream buyers primarily engaged in just-in-time procurement, with few orders scheduled for holiday delivery. Due to factors such as the high value of silver ingots, end-user stocking demand was postponed until after the National Day holiday, resulting in sluggish market transactions before the holiday.
