Silver Prices Stop Falling and Rebound, Downstream Adopts Cautious Wait-and-See Approach as Trading Turns Sluggish [SMM Daily Review]

Intraday precious metals prices stopped falling and rebounded, with the TD-SHFE silver 2512 contract spot-futures price spread inverted (-5 to 0 yuan/kg). Spot market supply remained tight. In Shanghai, suppliers of national standard silver ingots made just-in-time procurement transactions at a premium of 28 yuan/kg against TD or a premium of 35-35 yuan/kg against the SHFE silver 2512 contract. Suppliers of large-brand silver ingots maintained a reluctance to sell at a premium of 30-35 yuan/kg against TD. Downstream end-users continued just-in-time procurement at high premiums. After the silver price rose, more traders adopted a wait-and-see stance, and market transactions turned sluggish.