Silver Prices Continue to Rise, Repeatedly Hitting New Highs; Investment Demand in Shenzhen Boosts Spot Premiums [SMM Daily Review]

Published: Dec 24, 2025 16:38

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Silver prices rose for the third consecutive trading day, hitting new highs intraday, while the basis for the most-traded TD-SHFE silver 2602 contract narrowed and occasionally inverted. In Shanghai, mainstream quotations for national standard silver ingot suppliers were at premiums of 0-5 yuan/kg against TD or near parity with the SHFE silver 2602 contract. In Shenzhen, premiums surged significantly to 10-20 yuan/kg against TD. Approaching year-end, downstream users generally closed accounts for inventory checks, leading to a sharp decline in procurement demand. Market transactions were primarily driven by investment demand, with actual market turnover being moderate.

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