Silver Prices Fluctuated and Consolidated, Spot Premiums Saw a Slight Correction [SMM Daily Review]

Silver prices consolidated today, with spot premiums maintaining a downward trend. The spot-futures price spread between TD and the most-traded SHFE silver 2512 contract held at 10-20 yuan/kg. Some silver ingot suppliers in Shanghai lowered their TD premiums to 25-35 yuan/kg or offered spot prices against the SHFE silver 2512 contract at a premium of 10-20 yuan/kg for sales, while other suppliers maintained TD premiums of 50-60 yuan/kg for small-volume transactions with end-users. Suppliers were reluctant to sell at premiums of 50 yuan/kg and adopted a wait-and-see stance. It was learned that the supply of spot cargoes increased, with some traders bringing historically stored silver ingots from the Shanghai Gold Exchange into the market for trading. Downstream end-users bought the dip, and market turnover improved slightly WoW after spot premiums declined.