Silver prices surged significantly, traders hesitated to buy high and adopted a wait-and-see approach, spot market transactions were sluggish. [SMM Daily Review]

During the day, silver prices rose sharply. The spot-futures price spread for the most-traded SHFE silver 2602 contract changed little compared to the previous day. In the morning spot market, slight discounts were quoted, and transactions occurred only for rigid demand. In Shanghai, suppliers of national standard silver ingots quoted mainstream prices at discounts of 5-10 yuan/kg against TD, with limited transactions. Some suppliers held back from selling and adopted a wait-and-see stance, quoting discounts of 10-15 yuan/kg against the SHFE silver 2602 contract. In Shenzhen, suppliers quoted national standard silver ingots at a discount of 30 yuan/kg against the 2602 contract. After the sharp rise in silver prices, market wait-and-see sentiment intensified, downstream purchase intentions dropped significantly. Some traders mentioned that even if the discount was widened to over 10 yuan/kg during negotiations, it was difficult to achieve actual transactions. Market traders generally feared high prices and adopted a wait-and-see approach, resulting in thin trading in the spot market.