With the ceasefire in the Israel-Iran conflict, global risk appetite shifted, leading to a synchronized pullback in gold and silver prices overnight. During the day, silver prices saw a slight rebound but the center of price movement still shifted downward compared to yesterday. According to SMM, suppliers holding warrants for national standard silver ingots with spot payment in the Shanghai area quoted premiums of 3-5 yuan/kg against TD, while large-scale silver ingot producers quoted premiums of 5-6 yuan/kg against TD or discounts of 18-20 yuan/kg against the SHFE silver 2508 contract, with transactions concluded at these prices. As month-end approached, some suppliers, after selling out their current-month invoices, started pre-selling cargoes with invoices dated next month. With the pullback in silver prices, some downstream enterprises bought the dip, leading to a slight improvement in market transactions.
Silver prices are in the doldrums, with slightly improved transactions in the spot market [SMM Daily Review]
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