Silver Prices Hold Up Well, Spot Market Premiums Remain High with Thin Trading Volume [SMM Daily Review]

Published: Nov 20, 2025 12:33

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During the day, precious metal prices fluctuated at highs, with the spot-futures price spread of the TD-SHFE silver 2512 contract remaining inverted. In the spot market, some suppliers raised premiums and held back sales. In Shanghai, suppliers of national standard silver ingots offered premiums of 28-30 yuan/kg against TD, while suppliers of large-factory silver ingots held prices firm with premiums of 32-35 yuan/kg against TD, showing reluctance to sell. After the silver price caught up with gains, downstream end-user purchasing enthusiasm slightly declined. Smelter ex-works offer premiums showed no significant adjustment compared to yesterday. Market wait-and-see sentiment was strong, and transactions remained sluggish.

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