Silver Prices in the Doldrums, Spot Market Premiums Hold Steady [SMM Daily Review]

During the day, silver prices continued their downward trend, and the spot-futures price spread for the TD-SHFE silver 2512 contract inverted. After spot silver ingots from suppliers traded quickly at a premium of 25 yuan/kg against TD, the premium was slightly raised to 25-28 yuan/kg. Major suppliers held prices firm and were reluctant to sell, quoting a premium of 30 yuan/kg against TD or 30-35 yuan/kg against the SHFE silver 2512 contract. With silver prices in the doldrums, downstream enterprises continued to focus on just-in-time procurement. Affected by a decline in December orders from the PV end-user sector, some downstream enterprises showed reduced enthusiasm for raw material procurement, leading to an overall sluggish market transaction volume.