Silver prices rose sharply, attempting to break through the previous high. The spot-futures price spread in the spot market widened, with the premium floating upwards [SMM Daily Review]

Today, silver prices both domestically and overseas surged significantly, breaking through the target level. The most-traded SHFE silver 2508 futures contract once stabilized at 9,000 yuan/kg. According to SMM, the spot-futures price spread of SHFE silver-TD widened during the day. Suppliers of national standard silver ingot warrants for spot cash transactions in Shanghai raised their premium quotes against TD to 3-5 yuan/kg, while large-scale silver ingot suppliers quoted a premium of 5-8 yuan/kg against TD. Suppliers in Shanghai offered a discount of 22 yuan/kg against the SHFE silver 2508 futures contract, but trading was sluggish. Traders showed high enthusiasm for purchasing during the day. After the significant increase in silver prices, downstream end-users exercised caution in procurement for immediate needs, and overall spot market trading remained sluggish.

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