Silver Prices Continue Weak Trend with Premiums Struggling to Decline, Downstream Buying the Dip with Moderate Transaction Activity [SMM Daily Review]

Silver prices remained in the doldrums today, with the spot-futures price spread between TD and the most-traded SHFE silver 2512 contract narrowing to 15-20 yuan/kg. As silver prices weakened, end-users actively inquired, and market sentiment gradually improved. In Shanghai, large smelter suppliers offered spot premiums of 35-40 yuan/kg against TD, but trading was thin as the spread narrowed. Some suppliers maintained spot premiums of 10-20 yuan/kg against the SHFE silver 2512 contract. Spot market availability remained tight, with many smelters prioritizing large-ingot exports in early November. The domestic silver ingot destocking trend may not yet be over. Downstream buyers bought the dip, but high spot premiums kept many on the sidelines. Spot trades were moderate.