Silver Prices Retreat from Highs with Downstream Buyers Actively Inquiring, Spot Market Premiums Remain Stable [SMM Daily Review]

Silver prices continued to consolidate at high levels today. Bullish enthusiasm was dampened by ongoing exchange position limits, coupled with a slight improvement in risk aversion sentiment, leading to a slight correction in precious metal prices. In the domestic spot market, transactions were still mainly conducted at premiums. In Shanghai, suppliers of large-factory silver ingots offered premiums of 120-150 yuan/kg against TD, while suppliers of national standard silver ingots quoted premiums of 100-110 yuan/kg against TD or made offers. Some suppliers were reluctant to sell and adopted a wait-and-see attitude, quoting premiums of 150-160 yuan/kg against the SHFE silver 2604 contract and 150-170 yuan/kg against the SHFE silver 2602 contract. In Shandong and Guangdong, a small number of transactions were concluded for cargoes self-picked up from production sites, quoted at premiums of 80-100 yuan/kg against TD. Downstream and end-user customers made just-in-time procurement during the day. Transactions of high premium quotes in the spot market remained relatively difficult, while overall spot market trades were moderate.