According to SMM, today's cash-and-carry TD premiums and discounts for national standard silver ingot warrants in the Shanghai area were quoted at 5-6 yuan/kg. Quotes for silver ingots from large manufacturers were +7-10 yuan/kg or quoted at a discount of 10 yuan/mt against the SHFE silver 2506 contract. On the first trading day after the holiday, the spot-futures price spread between the SHFE silver 2506 contract and TD widened, with the spread exceeding 20 yuan/kg during certain periods, prompting market traders to adopt a cautious wait-and-see attitude. Downstream players made limited just-in-time procurement. Despite the difficulty in closing deals at high premiums, suppliers had no intention of adjusting premiums due to factors such as price spreads, resulting in generally sluggish market transactions.
