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

Silver prices consolidated with a slight weakening today, and domestic spot market premiums edged down. In Shanghai, suppliers of large-plant silver ingots offered a premium of 150-160 yuan/kg against TD, but only a small volume was traded at the high premium. Suppliers of national standard silver ingots quoted a premium of 110-150 yuan/kg against TD or 100 yuan/kg against the SHFE silver 2602 contract, with just-in-time procurement concluded. In the South China market, cargoes self-picked up from production site were offered at a premium of 80-100 yuan/kg against TD or 110 yuan/kg against the SHFE silver 2604 contract, but trading was thin. Some speculative cargoes in Shenzhen were sold at low prices, leading to widened disparities in market transaction prices, and investment demand softened slightly. Downstream industrial consumption orders performed moderately, but constrained by rising silver prices, manufacturers maintained minimal just-in-time procurement with low stockpiling enthusiasm. Additionally, some traders mentioned that heavy snow in Henan caused transportation delays for some silver ingot long-term contracts. After these ingots arrive at social warehouses, the tightness of spot cargo in Shanghai may ease.