Silver Prices Rebound, Suppliers Hold Back Goods and Adopt a Wait-and-See Approach, Spot Market Supply Tight with Quoted Prices but No Actual Trading [SMM Daily Review]

Published: Feb 4, 2026 11:55

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Precious metal prices rebounded today, with multiple traders suspending quotations after selling out their inventories. Intraday transactions were primarily driven by limited spot quotations from smelters and some suppliers in the Shenzhen market liquidating their holdings. In Shanghai, suppliers reported small transactions at a premium of 2,700-3,000 yuan/kg against TD, while some suppliers quoted premiums of 2,100-2,400 yuan/kg against the Shanghai silver futures 2604 contract. Smelters in regions such as Henan and Guangdong expressed concerns about market demand, noting that large transactions at high premiums were relatively difficult. Some manufacturers reported transactions at premiums of 2,400-2,500 yuan/kg against TD. Downstream buyers maintained just-in-time procurement, and market quotations varied significantly. With limited circulating spot cargoes in the spot market, some suppliers showed reduced willingness to sell, leading to scarce quotations. Some investment and industrial demand cautiously bought the dip. Overall, spot market transactions were limited today, presenting a situation of nominal prices without actual trading.

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