Silver prices rose slightly with a narrowing spot-futures price spread, and market transactions were moderate [SMM Daily Review]

Today, precious metal prices rose slightly, with the spot-futures price spread for the SHFE Silver 2510 contract narrowing to within 30 yuan/kg. According to SMM, in the Shanghai area, the premium of physical silver ingots against the TD contract was maintained at 5 yuan/kg, while large manufacturers' silver ingots were quoted at a 5-7 yuan/kg premium against the TD or at a 23 yuan/kg discount against the SHFE Silver 2510 contract, meeting just-in-time demand. In the Shanghai area, suppliers of national standard silver ingots traded at a 23-25 yuan/kg discount against the SHFE Silver 2510 contract, fulfilling limited just-in-time demand. In Shenzhen, suppliers transacted at a 30 yuan/kg discount against the SHFE Silver 2510 contract, with moderate trading volume. The supply and demand in the spot market did not show any significant contradictions; some downstream end-users cautiously observed, showing low enthusiasm for stockpiling. As the month-end approached, some suppliers closed their books and observed, with overall market transactions being moderate.