US Fed's interest rate cut fuels silver price rebound; spot market transactions remain sluggish [SMM Daily Review]

After the release of overnight US CPI inflation data, expectations for an interest rate cut by the US Fed intensified, leading to a slight strengthening of silver prices during the day. The spot-futures price spread between the SHFE silver 2510 contract and TD silver remained at 30-32 yuan/kg during the day, with some suppliers halting quotations and holding back on sales to observe the market. According to SMM, in the Shanghai area, the warrant for national standard silver ingots with cash on delivery was quoted at a premium of 3-5 yuan/kg against TD silver, while large factory silver ingots were quoted at a premium of 5-8 yuan/kg against TD silver or at a discount of 22-23 yuan/kg against the SHFE silver 2510 contract. At the beginning of the week, downstream enterprises engaged in concentrated procurement, with some consumer demand being front-loaded. After silver prices rebounded and strengthened, downstream enterprises generally adopted a wait-and-see attitude, and trading in the spot market remained sluggish.