Silver Prices Hold Up Well, Spot-Futures Spread Narrows, Trading in the Spot Market Remains Thin [SMM Daily Review]

Silver prices held up well today, with the spot-futures price spread between TD and the most-traded SHFE silver 2512 contract narrowing slightly to within 5-10 yuan/kg and occasionally disappearing. Suppliers maintained limited inventory and held back from selling. In Shanghai, suppliers of large-factory and national-standard silver ingots offered a premium of 25-28 yuan/kg against TD, while suppliers offered a premium of 20 yuan/kg against the SHFE silver 2512 contract. Smelters provided few offers, with some manufacturers accepting pre-sales orders for silver ingots to be picked up next week. Downstream enterprises continued to focus on just-in-time procurement, and some downstream companies turned cautious and adopted a wait-and-see approach after silver prices strengthened during the day, resulting in sluggish spot trades.