On June 22, the first trading day after the Dragon Boat Festival holiday, the silver market witnessed a retaliatory catch-up decline. The average price of Yangtze River Spot 1# silver was reported at 15,810 yuan per kilogram, a sharp drop of 840 yuan compared with the previous trading day. The main contract of Shanghai silver futures tumbled even more. As of 11:00, it was reported at 15,799 yuan per kilogram, plunging 966 yuan with a sharp decline of 5.76%. The decline in futures far exceeded that in the spot market, and the basis between futures and spot prices narrowed to only 11 yuan. The short-selling force was concentratedly released during the call auction stage at the opening.
On June 22, the first trading day after the Dragon Boat Festival holiday, the silver market witnessed a retaliatory catch-up decline. The average price of Yangtze River Spot 1# silver was reported at 15,810 yuan per kilogram, a sharp drop of 840 yuan compared with the previous trading day. The main contract of Shanghai silver futures tumbled even more. As of 11:00, it was reported at 15,799 yuan per kilogram, plunging 966 yuan with a sharp decline of 5.76%. The decline in futures far exceeded that in the spot market, and the basis between futures and spot prices narrowed to only 11 yuan. The short-selling force was concentratedly released during the call auction stage at the opening.