Silver prices continued to rise sharply today, with London spot prices breaking through $52/oz, while domestic spot prices also increased. The spot-futures price spread for TD against the most-traded SHFE silver 2512 contract maintained at 30-40 yuan/kg during the day. In the morning session, large Shanghai-based plants offered silver ingots at a premium of 10-15 yuan/kg against TD for rigid demand transactions, or at a discount of 17-20 yuan/kg against the SHFE silver 2512 contract, with individual smelters selling small quantities at a discount of 35 yuan/kg against the SHFE silver 2512 contract. Market supply remained relatively tight, downstream end-users made purchases based on rigid demand, and spot trades were slightly sluggish.
