Silver Prices Rebounded and Rose, Downstream Remained Cautious with Limited Rigid Demand [SMM Daily Review]

Precious metal prices rebounded today amid news of a temporary ceasefire in the US-Iran conflict. The TD-SHFE silver most-traded contract spot-futures price spread saw no significant change for the time being, and the spot market maintained premium quotations. In the morning session in Shanghai, suppliers of national-standard silver ingots posted mainstream quotations at premiums of 50-60 yuan/kg against TD, or premiums of 20 yuan/kg against the SHFE silver ag2604 futures contract, or discounts of 10 yuan/kg against the SHFE silver ag2606 futures contract. Downstream consumption remained sluggish with significant bargaining, and some suppliers lowered premiums to 30-50 yuan/kg for shipments. Downstream buyers' cautious purchasing on fears of price declines improved somewhat, but with limited rigid demand, actual transactions remained sluggish.