Macro Bullish Factors Boost Silver Prices to Continue Strengthening; Downstream Rigid Demand Cautiously Procures and Observes Prudently [SMM Daily Review]

According to SMM, in the Shanghai market today, cash spot quotes for large-brand silver ingots in terms of TD premiums and discounts were at -2 to 0 yuan/kg or at a discount of 2-4 yuan/kg against the SHFE silver 2504 contract. Some suppliers, due to their hedging positions, quoted a discount of 18-21 yuan/kg against the SHFE silver 2506 contract. In the morning session, as silver prices strengthened, some suppliers expanded discounts for selling. Transactions for large-brand TD at parity were relatively difficult, while downstream buyers were cautious about purchasing at high levels and remained on the sidelines.

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