Silver Prices Fluctuated and Consolidated, Tight Supply of Spot Cargo in the Spot Market Maintained Premium Transactions [SMM Daily Review]

Today, silver prices underwent a corrective adjustment. Spot market supply remained tight, with the spot-futures price spread against the most-traded SHFE silver 2512 contract narrowing and occasionally inverting intraday. Suppliers generally held back sales due to limited inventory. In Shanghai, major producers and suppliers of national standard silver ingots maintained a premium of 22-25 yuan/kg against TD. Smelters continued to prioritize minimum long-term contract supply and processing trade exports, leading to tight spot silver ingot supply domestically. Downstream buyers actively negotiated prices, with only small volumes of just-in-time procurement occurring, resulting in subdued spot trades.