SMM

Boosted by the significant rise in overseas silver prices during the National Day and Mid-Autumn Festival holidays, the domestic silver TD market opened higher and moved upward, with the spot-futures price spread between TD and the most-traded SHFE silver 2512 contract widening to 60-65 yuan/kg. In Shanghai, large-factory silver ingots traded thinly at a premium of 8-10 yuan/kg against TD or a discount of 55 yuan/kg against the SHFE silver 2512 contract. As the spot-futures price spread widened, some suppliers held back sales and adopted a wait-and-see approach, while downstream buyers were generally cautious, focusing on rigid demand with low purchase intention, resulting in thin actual trading.