Today, silver prices opened higher with a gap, boosted by macro factors and the Dragon Boat Festival holiday. According to SMM, the quoted premiums and discounts for TD warrants of national standard silver ingots in Shanghai, with spot cargo paid in cash, ranged from 3 to 5 yuan/kg. However, downstream buyers remained cautious and adopted a wait-and-see attitude, resulting in almost no transactions at high premiums. Market trading was sluggish, with some suppliers of national standard silver ingots offering discounts of 25 yuan/kg against the SHFE silver 2508 contract. Suppliers of silver ingots from large factories offered premiums of 5 to 8 yuan/kg against TD. After the Dragon Boat Festival, precious metal prices surged, but there was no significant improvement in downstream consumption. The market was dominated by a wait-and-see sentiment, and only a small amount of spot transactions were made to meet rigid demand in the spot market.
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