Silver Prices Surged Significantly After the Holiday, Spot Market Trading Warms Up with Higher Premiums [SMM Daily Review]

During the Chinese New Year holiday, overseas precious metal prices rose boosted by macro risk-aversion sentiment. On the first trading day after the holiday, domestic silver prices followed the upward trend, with spot market supply remaining relatively tight. In Shanghai, suppliers offered TD at a premium of 1,800–2,000 yuan/kg, while some smelters quoted TD at a premium of 1,800 yuan/kg or a premium of 1,000 yuan/kg against the SHFE silver 2604 contract. Today, market quotes varied significantly. Industrial bulk demand generally adopted a wait-and-see approach and traded on-demand, while a few small enterprises or silver product wholesalers with demand below 100 kg offered TD at 2,000–3,000 yuan/kg to complete urgent orders.