Silver Prices Continue Multi-Day Rally to Hit New Highs, Spot Market Quotation Spreads Widen with Thin Trading [SMM Daily Review]

Intraday precious metals prices hit new highs again, and the spot-futures price spread of the most-traded SHFE silver 2602 contract widened, leading to an expansion in market quotation disparities. In Shanghai, mainstream quotations for national standard silver ingots from suppliers were at premiums of 30 yuan/kg against TD. Some individual suppliers sold specific brands of national standard silver ingots at discounts of 20-30 yuan/kg against TD. Additionally, some suppliers held back sales, quoting at premiums of 10 yuan/kg against the SHFE silver 2502 contract or 40 yuan/kg against TD, awaiting market developments, making transactions difficult. Downstream end-users continued to focus on just-in-time procurement. Quotation differences in the trading market widened, with high premium offers seeing almost no transactions. Wait-and-see sentiment became slightly more pronounced, and overall spot transactions remained sluggish.