Silver Prices Weaken Significantly, Spot-Futures Price Spread Narrows, Premiums in Spot Market Adjusted Downward with Moderate Trading [SMM Daily Review]

The US, Ukraine, and Russia have sent positive signals regarding a tripartite meeting, leading to a decrease in market risk-averse sentiment and capital outflows from gold and silver. The spot-futures price spread for the SHFE silver 2510 contract against TD narrowed to within 20 yuan/kg, with suppliers making small adjustments to the premium over TD. According to SMM, in the Shanghai area, physical delivery of national standard silver ingots was quoted at a 2-3 yuan/kg premium over TD, while large manufacturers' silver ingots were quoted at a 3-4 yuan/kg premium over TD. In Jiangxi, smelters offered national standard silver ingots on par with TD, but transactions were sparse. As silver prices weakened, downstream buyers showed increased interest in buying the dip, trade among dealers was active, and spot market trades were moderate.