Silver Prices First Declined Then Rose Slightly, Suppliers Actively Sold Off for Inventory Clearance During the Holiday [SMM Daily Review]

According to SMM, the spot premiums/discounts for national standard silver ingot warrants in Shanghai today ranged from -2 yuan/kg to 0 yuan/kg. In the morning session, suppliers offered discounts of 10-13 yuan/kg against the SHFE silver 2406 contract. During the day, as the spot-futures price spread of SHFE silver-TD widened, suppliers slightly increased the discounts to 13-15 yuan/kg against the SHFE silver 2406 contract. Suppliers of large factory silver ingots offered parity against TD. Silver prices initially declined and then rose today. Trading was active before 10:00, with suppliers actively selling off inventory for the holiday. However, as silver prices rose, market trading turned sluggish, and spot trade volumes significantly decreased.