Silver Prices Continued to Retreat from Highs Amid Strong Market Wait-and-See Sentiment [SMM Daily Review]

Precious metal prices consolidated today, with the spot-futures price spread of the SHFE silver 2510 contract narrowing to 10-15 yuan/kg. Suppliers in the spot market showed significant price discrepancies. According to SMM, in Shanghai, premiums and discounts for spot cash warrants of national standard silver ingots against TD mostly remained near parity. Some suppliers or speculators still offered discounts during the morning session, but after discounted cargoes were sold out, national standard silver ingot warrants against TD traded at premiums of 0-1 yuan/kg, while large smelters' silver ingots against TD saw rigid demand at premiums of 2-3 yuan/kg. In Jiangxi, cargoes self-picked up from smelters were still at a 2 yuan/kg discount against TD. In Shenzhen, discounts for national standard silver ingots against TD narrowed to near parity, with suppliers quoting premiums of 0-2 yuan/kg. Downstream purchasing enthusiasm remained weak after silver prices strengthened, prompting active selling by suppliers amid a strong wait-and-see sentiment in the market.