Silver Prices Surge Past 10,000, Downstream Adopt Cautious Wait-and-See Approach with Thin Spot Silver Trading [SMM Daily Review]

The number of initial jobless claims released on Thursday evening surged to a nearly four-year high. Expectations for a US Fed interest rate cut boosted the bullish sentiment in precious metals. Silver prices rose significantly today, and the spot-futures price spread for Shanghai silver 2510 contract continued to widen, but fear of high prices prevailed in the spot market. During the day, market quotations decreased. In Shanghai, large factory silver ingot suppliers offered premiums of 2–3 yuan/kg against TD, while mainstream quotations from national standard warrant holders were scarce. A few speculative traders reported small transactions at discounts to TD. Trading was moderate in the morning session, but as silver prices broke through the 10,000 yuan threshold, downstream purchasing nearly halted, and overall market activity turned sluggish.