Silver Prices Surge Significantly, Downstream Cautiously Wait and See with Thin Trading [SMM Daily Review]

According to SMM, the premiums and discounts for spot silver ingot warrants in Shanghai today ranged from -1 yuan/kg to 0 yuan/kg for standard silver, and 0-1 yuan/kg for large manufacturers. Some suppliers of standard silver traded at parity against the SHFE silver 2504 contract or at a discount of 22 yuan/kg against the 2506 contract in small volumes. Precious metal prices surged significantly today, leading to a noticeable decline in downstream purchase orders. As the month-end approaches, some manufacturers closed their accounts and took a break after selling out their cargoes with invoices dated this month. The spot market sentiment was cautious, with thin trading. View SMM's spot precious metal price quotes.