Silver Prices Surged Significantly, Suppliers Held Back Sales with Premiums, Trading Turned Sluggish [SMM Daily Review]

Silver prices surged to new highs today, with many suppliers holding back on sales and adopting a wait-and-see approach. The spot market continued to be dominated by premium quotations. In Shanghai, suppliers of national standard silver ingots quoted a premium of 4-6 yuan/kg against TD or a discount of 15-17 yuan/kg against the SHFE silver 2510 contract. Suppliers of large-factory silver ingots quoted a premium of 5-7 yuan/kg against TD. In Shenzhen, a few suppliers sold national standard silver ingots at a premium of 4 yuan/kg against TD. As silver prices rose sharply today, downstream buyers resumed their wait-and-see stance, leading to weaker transactions. Except for a few suppliers who made transactions with small premium quotations due to reasons such as capital turnover, most suppliers refused to budge on prices and held back on sales due to cost factors, resulting in thin trading activity in the spot market.