[MARKET ANALYSIS] Silver slightly pares back the 16% losses seen during the APAC session but remains comfortably in the red

Spot gold ended Wednesday's session below the USD 5k/oz handle but attempted to regain above the level at the start of the APAC session but failed to do so. The yellow metal fell to a low of USD 4790/oz, weighed on by the plunge in silver prices, before slightly paring back losses as European trade gets underway.
Spot silver wiped out the entirety of the two-day recovery the metal attempted to stage as trade at the Shanghai Metals Exchange got underway. The metal kissed USD 90/oz before slipping to a trough of USD 73.55/oz, with losses seen as much as 16%. Dip-buyers took advantage of the lower prices, with silver prices currently trading around USD 80/oz.
Bian Ximing, a billionaire Chinese trader, has reportedly built a short position of around 30,000 contracts on the Shanghai Futures Exchange. Ximing became a household name after making close to USD 3bln in the bull run in gold prices from 2022.
3M LME Copper continued the selloff seen throughout the US session, with the red metal dipping below USD 13k/t to a trough of USD 12.86k/t. This comes following continued worries that AI will become a bigger factor within business models. The tech sector has been weighed on in recent sessions, as in turn, dragged copper prices lower.