Silver Prices in the Doldrums, Suppliers Hold Back and Wait; Spot Premiums Remain High [SMM Daily Review]

Published: Feb 3, 2026 12:00

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Today, precious metals prices weakened after a slight catch-up rise. Spot market quotations increased, with suppliers in Shanghai holding back sales and adopting a wait-and-see attitude, offering premiums of 2,000-2,500 yuan/kg against TD or 2,200 yuan/kg against the SHFE silver 2604 contract. Downstream buyers actively negotiated prices, leading to significant disparities in market quotations. Transactions at high premiums were relatively difficult, prompting some suppliers to lower their premiums to 1,500-1,800 yuan/kg against TD to secure deals. Spot market circulation remained tight. After silver prices weakened slightly, downstream buyers restocked based on rigid demand, and market trading activity improved significantly compared to yesterday.

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