SMM

Silver prices pulled back from highs today, with the spot-futures price spread of SHFE silver 2510 contract narrowing. Wait-and-see sentiment remained strong in the spot market. In Shanghai, suppliers of national standard silver ingots offered a premium of 4-5 yuan/kg against TD or made just-in-time procurement at a discount of 10-15 yuan/kg against the SHFE silver 2510 contract. After the price pullback, some traders made small purchases to build positions. Downstream consumption performance was moderate, with just-in-time procurement still dominating. Due to concentrated exports and maintenance at smelters, spot cargo supply in the market remained tight, and overall market trading was subdued.