Silver prices are in the doldrums, with downstream enterprises mainly making just-in-time procurement and trading remaining sluggish [SMM Daily Review]

Silver prices continued to be in the doldrums during the day. There was no sign of narrowing in the spot-futures price spread between the SHFE silver 2510 contract and TD silver. Suppliers continued to offer TD silver at a premium. According to SMM, in Shanghai, the TD silver premium for spot national standard silver ingot warrants paid in cash was 4-5 yuan/kg, or a discount of 22-25 yuan/kg against the SHFE silver 2510 contract. Offers for silver ingots from large manufacturers decreased, with suppliers offering TD silver at a premium of 5-7 yuan/kg or a discount of 22 yuan/kg against the SHFE silver 2510 contract, resulting in a small volume of transactions. Downstream consumption remained average, with only a small amount of just-in-time procurement. As the delivery date for the SHFE silver 2508 contract approached, some suppliers adopted a wait-and-see attitude and were reluctant to sell, leading to a decline in spot market transactions.