Silver prices strengthen slightly, downstream maintains just-in-time procurement, and trading volume remains weak [SMM Daily Review]

Silver prices held up well today. According to SMM, in Shanghai today, the TD premium for cash and spot national standard silver ingot warrants remained at a quote of 2-3 yuan/kg, or a discount of 7-8 yuan/kg against the SHFE silver 2508 contract. The spot silver ingots from large smelters had a TD premium of 3-4 yuan/kg. Suppliers' refusal to budge on prices and reluctance to sell had not improved, and downstream buyers made purchases at lower prices based on their immediate needs. Additionally, some smelters prioritized long-term contract deliveries and export orders, halting spot trading quotes. After silver prices strengthened, both trading volume and interest in the spot market were weak, with downstream buyers exhibiting strong wait-and-see sentiment.