Silver Prices Continue Upward Trend, Downstream Adopts Cautious Wait-and-See Approach, Spot Trading Remains Sluggish [SMM Daily Review]

Silver prices continued their upward trend intraday, with the spot-futures price spread for the most-traded TD-SHFE silver 2602 contract narrowing. Suppliers' quotations still showed significant disparities. In the Shanghai region, mainstream quotations for standard silver ingots from suppliers were at premiums of -5 to -10 yuan/kg against TD, while large suppliers held back sales with premiums of 0 to -5 yuan/kg against TD, adopting a wait-and-see approach. Some suppliers sold off at premiums of -20 yuan/kg against the SHFE silver 2602 contract. As year-end approaches, some traders, due to needs such as capital repatriation, slightly widened their discount quotations to offload goods. Nearing the end of the year, some traders closed their books early after depleting inventories, while downstream players focused on digesting inventories, showing low willingness to purchase at high prices. Overall, actual market transactions were relatively light.