Silver Prices End Volatile Adjustment and Rise Again, Spot Market Premiums Remain High with Difficulties in Pullbacks [SMM Daily Review]

Silver prices rose slightly today, with spot market supply remaining relatively tight, as many shipments under long-term contracts have not yet arrived at social warehouses. In Shanghai, suppliers' large-factory silver ingots traded at spot premiums of 250-300 yuan/kg against TD in small volumes, while national standard silver ingots were quoted and traded at premiums of 200 yuan/kg against TD by suppliers. In Shenzhen, silver ingot suppliers quoted and traded at premiums of 250-300 yuan/kg against TD. The spot market remains dominated by investment demand, with large procurement by silver nitrate and other manufacturers showing significantly lower premiums compared to small-volume investment channel transactions, resulting in notable differences in actual spot premium transactions. Due to weak end-user component consumption demand, the transmission of precious metal price increases and premiums is relatively difficult. Downstream players only made small just-in-time procurement, with bulk purchases generally cautious and pushing for lower prices. Total actual transaction volume was limited, and investment demand for small-lot, high-premium transactions remained the primary short-term spot trading method.