On the day, silver prices initially consolidated around 8,900 yuan/kg before edging higher. In Shanghai, suppliers holding warrants for spot silver ingots meeting national standards and available for immediate cash payment quoted TD premiums of 2-3 yuan/kg or discounts of 8-13 yuan/kg against the SHFE silver 2508 contract. Large-scale producers quoted premiums of 3-5 yuan/kg against TD. On the day, the spot-futures price spread of SHFE silver narrowed, and the willingness of some suppliers to sell goods slightly rebounded. Downstream enterprises still focused on just-in-time procurement, and market transactions improved slightly but remained generally sluggish.
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