Silver Prices Fluctuate at Highs, Spot Premiums Continue Pullback Trend [SMM Daily Review]

Silver prices continued to fluctuate at highs today, with spot premiums in the spot market edging down slightly. The spot-futures price spread between TD and the most-traded SHFE silver 2512 contract held at 10-20 yuan/kg during the session. In Shanghai, suppliers of silver ingots lowered their spot premiums against TD slightly to 35-45 yuan/kg, or quoted spot premiums of 30-40 yuan/kg against the SHFE silver 2512 contract. A few suppliers remained reluctant to sell, holding out for a premium of 50 yuan/kg against the SHFE silver 2512 contract. In Shenzhen, suppliers of silver ingots also slightly lowered their spot premiums against the SHFE silver 2512 contract to 30-40 yuan/kg, with a few accepting minor price negotiations to close deals. In the short term, spot premiums in the domestic market maintained a slight downward trend, while downstream users continued to restock based on rigid demand, leading to moderate market activity.