Spot-futures price spread narrows as delivery approaches, with thin trading in spot market [SMM Daily Review]

According to SMM, in the Shanghai region, the quotes for TD premiums of national standard silver ingot warrants for cash and spot transactions ranged from 0 to 2 yuan/kg, or were offered at a discount of 15 yuan/kg against the SHFE silver 2508 contract. Silver ingots from large smelters were offered at a premium of 2 to 3 yuan/kg against TD. In Jiangxi, a smelter offered cargoes self-picked up from production site at a discount of 1 yuan/kg against TD. However, downstream purchases were limited, and trading was sluggish. As the basis narrowed approaching delivery, coupled with a decrease in spot premiums, suppliers were inclined towards delivery. Trading in the spot market was slightly sluggish, and social inventory was expected to continue its upward trend this week.

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