Silver Prices Rise to Catch Up, Spot Market Sees Sluggish Trading Before Labour Day Holiday [[SMM Daily Review]]

According to SMM, silver prices rose to catch up today, with the SHFE silver-TD spot-futures price spread still showing a slight widening trend. In Shanghai, the premiums and discounts for TD warrant quotes of national standard silver ingots, traded with spot cargo and cash, remained at +3 to +4 yuan/kg. Quotes for silver ingots from major producers were TD+5 yuan/kg. Some suppliers stood firm on their quotes and were reluctant to sell due to costs, inventory, or other reasons. They quoted at a discount of 5 yuan/kg against the SHFE silver 2506 contract or at a premium of 5-8 yuan/kg against TD, but there were hardly any transactions. As the Labour Day holiday approached, downstream enterprises had completed their pre-holiday inventory restocking. The spot market was sluggish before the month-end and holiday. Multiple suppliers closed their accounts early and took holidays, suspending their quotes. Market transactions significantly decreased.

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