Silver Prices Continue to Hold Up Well, Downstream Remains Cautious of High Prices, Spot Market Trading Sluggish Unchanged [SMM Daily Review]

During the day, silver prices continued their upward trend, and after the spot-futures price spread of the TD-the most-traded SHFE silver 2602 contract widened, some suppliers planned to switch to premium quotations for TD. In Shanghai, mainstream quotations for national standard silver ingot suppliers were at discounts of 5-10 yuan/kg against TD, with a small amount of rigid demand transactions. Some suppliers were reluctant to sell and adopted a wait-and-see attitude, offering discounts of 25 yuan/kg against the SHFE silver 2602 contract, resulting in significant differences in market quotations. Individual non-delivery brand silver ingot suppliers sold at high discounts when prices rose, but downstream purchase intentions remained low. Market traders continued to fear high prices, and market transactions remained sluggish.