According to SMM, the cash spot TD premiums and discounts for large silver ingots in the Shanghai region were quoted at -1 to 0 yuan/kg or at a discount of 2 yuan/kg against the SHFE silver 2504 contract. Suppliers' premiums and discounts narrowed slightly compared to yesterday. Silver prices fluctuated at high levels, with limited total market transactions. Some traders, having sold out their inventories, were waiting to pick up goods after the SHFE lead delivery. Transactions at on-par TD prices for large ingots were relatively few, while downstream buyers were cautious about purchasing at high prices and remained on the sidelines.