Silver Prices Continue to Hold Up Well, Downstream Buyers Generally Adopt Wait-and-See Approach with Thin Trading [SMM Daily Review]

Silver prices continued to hold up well during the day, with the spot-futures price spread for TD versus the most-traded SHFE silver 2602 contract widening to 35-40 yuan/kg. In Shanghai, mainstream quotations for national standard silver ingots from suppliers were quoted at premiums of 20-25 yuan/kg against TD or at discounts of 15 yuan/kg against the SHFE silver 2602 contract. Some large producers offered silver ingots at parity with the SHFE silver 2602 contract or at premiums of 35 yuan/kg against TD, with only small volumes of rigid demand transactions concluded. Downstream end-use consumption weakened, leading to low purchase interest, with most participants cautiously watching or bargaining aggressively, resulting in thin trading in the spot market.