Silver Prices Consolidate at High Levels, Spot Market Premiums Slightly Adjusted [SMM Daily Review]

During the day, silver prices consolidated at high levels, with the spot-futures price spread of the most-traded SHFE silver 2602 contract narrowing. Some suppliers slightly lowered their premium quotations. In Shanghai, mainstream quotations for national standard silver ingot suppliers against TD were slightly lowered to premiums of 15-20 yuan/kg, or discounts of 10 yuan/kg against the SHFE silver 2602 contract. Some large smelters quoted silver ingots at discounts of 5 yuan/kg against the SHFE silver 2602 contract, or made just-in-time procurement transactions at premiums of 20 yuan/kg against TD. End-use consumption weakened, and smelters concentrated on selling at high prices recently, increasing spot market supply. This week, SHFE inventory ended the continuous destocking trend. However, downstream end-users remained generally cautious of high prices, with only a small amount of just-in-time procurement or significant price negotiations, resulting in thin spot market transactions.