Silver Prices Rise Slightly, Spot Premiums Hold Steady with Thin Trading [SMM Daily Review]

Silver prices rose slightly today, with the spot-futures price spread for the most-traded ag2512 futures contract narrowing to within 15 yuan/kg. In Shanghai, major suppliers' premium against TD was slightly lowered to 25-35 yuan/kg, with limited transactions concluded. Suppliers still quoted a premium of 10-20 yuan/kg against the SHFE silver ag2512 contract. Spot market supply remained tight, and some traders holding long positions in the SGE Ag(T+D) contract mentioned difficulties in picking up goods from the exchange. Recently, they mainly collected deferred fees and expressed concerns about whether they could successfully pick up spot cargo in the coming week. Downstream buyers continued to make just-in-time procurement. Although end-users' acceptance of the silver ingot premium was not high, intermediate processing enterprises passively accepted the premium to maintain production and order fulfillment. However, wait-and-see sentiment remained strong, and transactions were relatively light.