According to SMM, today's cash-and-carry TD premiums and discounts for national standard silver ingot warrants in the Shanghai area remained at 5-6 yuan/kg, while large-scale producers quoted premiums of +7-10 yuan/kg. In the Shenzhen area, national standard silver ingots were quoted at a discount of 10 yuan/mt against the SHFE silver 2506 contract, but trading was sluggish. Overnight, as China decided to agree to engage with the US, gold plunged by over $40/oz, and safe-haven assets such as the Japanese yen and Swiss franc weakened in the short term. This morning, domestic silver prices were dragged down, and the SHFE silver 2506 contract-TD spot-futures price spread narrowed rapidly. However, there was no significant adjustment in suppliers' premium quotes compared to yesterday. Downstream buyers remained cautious, making just-in-time procurement, while trading among traders became more active.
