Silver prices fluctuate at highs, with price spreads in the spot market widening [SMM Daily Review]

Today, silver prices fluctuated at highs, rebounding after a weak start in the morning session. According to SMM, the significant variation in spot silver supplier quotes persisted throughout the day. In Shanghai, the TD premium for cash-on-delivery national standard silver ingot warrants ranged from 0 to 3 yuan/kg, but transactions at these premiums were relatively difficult. Suppliers offered discounts of 6 to 10 yuan/kg against the SHFE silver 2508 contract, with significant variations. Major smelters quoted TD premiums of 2 to 3 yuan/kg for silver ingots, with a small volume of just-in-time procurement transactions. Following the strengthening of silver prices, some smelters slightly expanded their discounts to sell spot silver, while others prioritized export demand, reducing domestic spot supply. After the silver price rally, downstream buyers only engaged in a small volume of just-in-time procurement, with poor purchasing enthusiasm. Overall, market transactions were relatively sluggish.

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