Silver Prices Under Pressure at High Levels, Downstream Demand Remains Cautious with Weak Trading Volume [SMM Daily Review]

Silver prices continued to consolidate at high levels today, with the SHFE silver-TD spot-futures price spread remaining at 20-25 yuan/kg, and the spot market premium has not yet been lowered. In Shanghai, suppliers of national standard silver ingots offered a premium of 5-7 yuan/kg against TD, while suppliers of large-factory silver ingots offered a premium of 6-8 yuan/kg against TD. Some suppliers were reluctant to sell and adopted a wait-and-see attitude, offering a discount of 10-12 yuan/kg against the SHFE silver 2510 contract. Downstream purchase enthusiasm was relatively weak, with only a small amount of cautious buying for rigid demand. Additionally, some enterprises suspended procurement this week after completing stockpiling at low prices last week. Market transactions were mainly among traders, with overall trading activity remaining sluggish.