The tug-of-war between longs and shorts in silver prices led to a volatile and consolidating market, with overall trading volume remaining relatively light [SMM Daily Review]

Silver prices fluctuated within the day, with the market failing to reach a consensus on key macro factors such as tariffs, stablecoins, and whether the US Fed will cut interest rates, leading to a tug-of-war between bullish and bearish sentiments in the precious metals market. According to SMM, today's spot silver warrants for national standard silver ingots in Shanghai, with cash payment, were quoted at a premium of 0-2 yuan/kg against TD or at a discount of 25-26 yuan/kg against the SHFE silver 2510 contract. Spot silver from large factories was quoted at a premium of 3-4 yuan/kg against TD, with a small amount of spot silver still being sold at a discount against TD in the morning session, primarily to recoup funds. With a brief correction in silver prices, downstream buyers still focused on just-in-time procurement. Additionally, some suppliers indicated that they would temporarily close their accounts and wait after selling out their cargoes with invoices dated this month, with overall market trading activity remaining sluggish.