During the day, silver prices surged sharply to hit a new historical high, while the spot-futures price spread of TD—the most-traded SHFE silver 2602 contract—narrowed, and wait-and-see sentiment prevailed in the spot market. In Shanghai, mainstream quotations for national standard silver ingot suppliers were either quoted at parity with TD or at discounts of 15-20 yuan/kg against the SHFE silver 2602 contract, with limited transactions concluded. In Shenzhen, silver ingot suppliers held back from selling, quoting discounts of 20-25 yuan/kg against the SHFE silver 2602 contract, though actual transaction discounts may have widened to 25-30 yuan/kg. Daily consumption weakened noticeably compared to the previous day, with some end-users closing their books early for procurement. Despite smelters showing high willingness to sell amid the sharp price rally, actual transactions were not ideal, and the spot market shifted to trading at slight discounts.
