






Silver prices fluctuated at highs today, with domestic smelters still focusing on large-ingot exports. Spot market supply remained tight, and market quotations varied significantly. The spot-futures price spread for TD against the most-traded SHFE silver 2512 contract stayed within 10 yuan/kg during the day. In Shanghai, suppliers quoted spot prices against TD at a premium of 50-70 yuan/kg or against the SHFE silver 2512 contract at a premium of 50-60 yuan/kg for transactions. Traders noted that the price spread between national-standard silver ingots and large-smelter ingots has nearly disappeared. In Shenzhen, suppliers quoted spot prices against the SHFE silver 2512 contract at a premium of 70-90 yuan/kg for limited transactions, with scarce spot supply. Downstream buyers purchased cautiously based on rigid demand. In the short term, spot premiums in the domestic market may remain high, and wait-and-see sentiment continues to prevail.
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