Silver Prices Retreat and Consolidate, Spot Market Premiums Remain Firm with Moderate Trading Volume [SMM Daily Review]

Published: Nov 21, 2025 12:19

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During the day, precious metal prices were in the doldrums, with a backwardation structure initially emerging in the Shanghai silver futures price spread. In the spot market, some suppliers, after seeing a decline in inventory, raised their premiums and adopted a wait-and-see approach with reluctance to sell. In the Shanghai area, suppliers of national standard silver ingots quoted a premium of 35-40 yuan/kg against TD or a premium of 35-40 yuan/kg against the Shanghai silver futures 2512 contract. Suppliers of large-brand silver ingots quoted a premium of 40-45 yuan/kg against TD, also holding back sales and waiting. After the silver price pulled back, downstream buyers maintained just-in-time procurement. Smelters' ex-works offer premiums showed no significant adjustment compared to the previous day. Market wait-and-see sentiment remained strong, while spot cargo transactions improved slightly.

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