SMM

Overnight, expectations for a US Fed interest rate cut rebounded, and precious metals prices rose during the day. In the spot market, some suppliers slightly lowered their premiums, but overall, there was little change from the previous day. In Shanghai, mainstream quotations for national standard silver ingot suppliers against TD were at premiums of 35-40 yuan/kg, with just-needed transactions concluded. Additionally, some large-scale silver ingot suppliers were reluctant to sell and adopted a wait-and-see attitude, quoting premiums of 35 yuan/kg against the SHFE silver 2502 contract. After the rise in silver prices, downstream end-users generally adopted a wait-and-see approach, while trading market purchasing and stock-building became more active. High premium quotations in the spot market still faced relatively difficult transactions, but spot market transactions were moderate.