Silver Prices Consolidate at High Levels with Slight Gains, Downstream Adopts Cautious Wait-and-See Approach, Spot Premiums Edge Down [SMM Daily Review]

Published: Dec 2, 2025 12:00

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During the day, silver prices fluctuated at highs and rose slightly. The basis between TD and the most-traded SHFE silver 2602 contract narrowed, coupled with sluggish end-use consumption in the PV sector, prompting some suppliers to lower spot premium quotations. In Shanghai, mainstream quotations for national standard silver ingots from suppliers against TD were lowered to premiums of 20-25 yuan/kg, or at discounts of 5-10 yuan/kg against the SHFE silver 2602 contract. Some large producers' silver ingots were quoted at premiums of 10 yuan/kg against the SHFE silver 2602 contract, or premiums of 35-40 yuan/kg against TD, with suppliers holding prices firm and reluctant to sell. Downstream end-users actively negotiated prices and made small stockpiling purchases at low premiums. Differences in suppliers' quotations persisted, and trading activity in the spot market remained sluggish.

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