SMM

Silver prices held up well during the day, with the spot-futures price spread for TD–the most-traded SHFE silver 2602 contract widening to 15–20 yuan/kg, while discounts in the spot market narrowed slightly. In Shanghai, mainstream quotations from suppliers of national standard silver ingots against TD narrowed to discounts of 5–8 yuan/kg, with demand-driven transactions concluded. Some suppliers quoted discounts of 10–15 yuan/kg against the SHFE silver 2602 contract, while non-delivery brand silver ingots were sold at discounts of 35 yuan/kg against the SHFE silver 2602 contract for rigid demand. Today, there were no large discount quotations in the spot market. Downstream buyers actively negotiated prices while buying the dip, but the total transaction volume remained limited, and trading in the spot market stayed sluggish.