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

Published: Feb 3, 2026 12:00

Save

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

5 hours ago

Platinum Prices Stop Falling and Stabilize, Spot Market Transactions Recover [SMM Daily Review]

5 hours ago

6 hours ago

ROSS NORMAN - SILVER Falls Through Support - A Bounce to $100 Expected

As silver and gold fell in tandem, it was silver that outperformed to the downside—just as it had to the upside.

6 hours ago

7 hours ago

ROSS NORMAN - Gold To Bounce to $4960 ?

Gold was clearly significantly over-extended to the upside and had fallen victim to a self-fuelling speculative frenzy with momentum feeding upon itself.

7 hours ago