Intraday silver prices continued their upward trend, hitting new historical highs. The spot-futures price spread for the most-traded SHFE silver 2602 contract showed little change from the previous day. In Shanghai, mainstream quotations for standard silver ingots were quoted at premiums of -5~0 yuan/kg against TD or maintained at premiums of 15-20 yuan/kg against the SHFE silver 2602 contract with limited transactions. Some suppliers indicated that accepting larger discounts would be necessary for large spot purchase demands. In Shenzhen, discounts for silver ingots widened, with actual transaction discounts potentially negotiated to 20-30 yuan/kg against TD. Downstream consumption remained persistently weak. Some traders mentioned that hedging pressures and continuously increasing margin requirements prompted them to consider expanding discount transactions to complete capital turnover, but downstream purchase enthusiasm was extremely poor, resulting in thin trading in the spot market.
