On March 25, the groundbreaking ceremony for the “New-Type Silver Paste Product Intelligent Manufacturing Base Project” of Shanghai Silver Paste Technology Co., Ltd. was held. It is expected to reach full production in January 2030, when it will form an annual production capacity of 650 mt of PV silver paste, achieve annual output value of 5 billion yuan, and generate annual tax revenue of over 24 million yuan. The new base will introduce internationally advanced R&D equipment and experimental facilities to realize automation, intelligence, and lean management throughout the entire production process, while simultaneously enhancing technological R&D capabilities, production efficiency, and product consistency.

Key Points: Silver extends its breakout above the 50-day MA as bullish momentum builds toward the February high of $92.20. A 31% drop in COMEX inventories fuels concerns over a growing physical supply crunch. Registered silver stocks fall below 90M oz, raising liquidity fears as open interest exceeds available metal fourfold.

Silver prices held up well today, with the backwardation structure of the SHFE silver 2602-2604 contracts continuing to widen. Spot market supply remained tight domestically, and some traders mentioned difficulties in picking up goods from TD long position deliveries at the Gold Exchange. After state-owned smelters completed month-end inventory clearance, quoted spot supplies in the market decreased. Following rapid trades in the morning session where Shanghai silver ingot suppliers raised their premiums against TD to 800-1,000 yuan/kg, spot market premiums against TD generally rose above 1,000 yuan/kg. Some suppliers quoted premiums of 1,000 yuan/kg against the SHFE silver 2604 contract. In the Shenzhen market, purchase quotes for silver materials through jewelry channels with small transaction volumes increased to 1,500-1,800 yuan/kg, showing significant disparities in spot market quotes. Sellers in the silver spot market were reluctant to sell, with only small purchases from rigid industrial demand. Some silver powder and silver nitrate enterprises suspended order-taking and adopted a cautious wait-and-see approach due to the sharp rise in premiums. The tight spot supply and unusual price spread between futures contracts still pose a squeeze risk in the SHFE silver front-month futures contract. Downstream buyers were cautious about high prices, leading to thinner market transactions. Silver Prices Hold Up Well, Price Spread Between Futures Contracts Widens; Spot Market Supply Tight, Premiums Surge

【SMM Today's News Summary】 ►National Bureau of Statistics: In May, the manufacturing PMI was 49.5%, indicating a certain decline in the boom level of the manufacturing sector. ►Metals prices mostly fell, with coke and alumina prices decreasing by more than 3%, and Shanghai silver, Shanghai copper, and Shanghai tin experiencing the largest declines. ►Interpretation of the impact of the 24th Action Plan for Energy Conservation and Carbon Reduction on the copper smelting industry. ►SMM: Review and Prospect of the Global Energy Storage Market from 2023 to 2030. ►SMM: Expected sustained increase in neodymium-iron-boron production in 2024, with prospects for demand in automobiles, wind power, home appliances, and other rare earths.

Metals market: As of midday close, the base metals in the domestic market were generally lower. Shanghai lead and Shanghai zinc rose slightly, and the increase was within 0.5%. Shanghai copper, Shanghai aluminum, and Shanghai nickel all fell, and the decline was within 0.6% (inclusive).

SMM, April 20: Metal market: Overnight, base metals rose across the board, with Shanghai tin up 5.48% and Shanghai nickel up 3.85%. Shanghai copper rose 1.39%, the highest intraday rose to 80,170 yuan / ton, a new high since May 2006. Shanghai aluminum rose 0.47%, and Shanghai zinc rose 0.88%. Shanghai lead rose 1.22%. Alumina fell 1.19%. 》