Silver Prices Surge to New Highs Again, Spot Market Premiums Remain High, Downstream Adopts Cautious Wait-and-See Approach [SMM Daily Review]

Silver prices hit a new high today. In the domestic spot market, the premium saw relatively small changes compared to yesterday. In Shanghai, suppliers of large-factory silver ingots offered a premium of 120-130 yuan/kg against TD, while suppliers of national standard silver ingots quoted a premium of 100-120 yuan/kg against TD or a premium of 130 yuan/kg against the SHFE silver 2604 contract, with only rigid demand transactions concluded. In the Shenzhen market, a bullish and reluctant-to-sell sentiment emerged, as suppliers showed low willingness to sell, slightly raising premiums while holding back and waiting. Investment demand in Shenzhen saw a slight rebound, but after the sharp rise in silver prices, the enthusiasm for silver investment did not reach the level seen before the New Year's Day holiday. High premium quotes in the spot market faced relatively difficult transactions. In Shanghai, a few suppliers, fearing high prices or facing margin pressure, sold off their holdings, slightly lowering the premium against TD to 80-100 yuan/kg. Downstream buyers adopted a wait-and-see stance again, and trading in the spot market turned quieter.