[SMM Silver Market Update] Setting aside expectations for interest rate cuts, the underlying logic of the silver market still appears bullish. Currently, the silver market is in a phase of backwardation, where the COMEX silver futures price for December 2025 is more than $2 lower than the LBMA spot price, a price structure that is extremely rare. According to SMM surveys, the shipping time for domestic silver ingots exported to the London market is nearly 50 days, which can be significantly shortened to 1–2 weeks if high-cost air transport is chosen. Given the tight spot supply in the London market in the short term, the resulting premium situation may be difficult to ease, so silver prices are still expected to maintain a bullish outlook in the near term.