Spot Market and China Inventory Brief (June 4, 2026) [SMM Silver Market Weekly Review]

This week, the price spread between SGE TD price and SHFE August contract remained in the range of 40-60 yuan/kg. As of Thursday, mainstream quotations for national-standard silver ingots in the Shanghai market still maintained a slight discount against TD, but the discount narrowed further WoW, with market quotations gradually moving toward parity. Most transaction quotations fell within the range of 20-0 yuan/kg discount against SGE TD. Silver prices overall remained under macro pressure. As silver prices declined during the week, downstream consumption recovered slightly WoW, but overall remained sluggish. Some suppliers also had limited shipments due to tax invoice issues, leading to low willingness to purchase and sell. Inventory side, downstream consumption and investment sentiment remained cautious, and significant improvement is unlikely in the short term. Social inventory of silver ingots in Shanghai and Shenzhen continued to accumulate slightly.