Silver prices stop falling and rebound, with spot-futures price spread widening; trading improves in the trade market [SMM Daily Review]

At the beginning of the week, Ag(T+D) on the Shanghai Gold Exchange stopped falling and rebounded, briefly surpassing 9,000 yuan/kg before slightly giving back some of its gains. In the spot market, according to SMM, today's spot silver bullion warrants in Shanghai with cash payment were quoted at a premium of 3-5 yuan/kg against TD or at a discount of 22-23 yuan/kg against the SHFE silver 2510 contract. Some cargoes self-picked up from production site at smelters were quoted at a discount of 25-27 yuan/kg against the SHFE silver 2510 contract. The spot silver bullion from large factories in Shanghai maintained a premium of 5-6 yuan/kg against TD. Traders' enthusiasm for purchasing at low prices improved during the day, and as the spot-futures price spread between TD and the SHFE silver 2510 contract widened, traders inquired and purchased more. However, downstream end-users remained cautious in placing orders, and overall spot market transactions improved slightly WoW.