SMM

Silver prices held up well today, with London spot prices breaking through $52/oz and domestic spot prices rising in tandem. The spot-futures price spread for the most-traded SHFE silver 2512 contract maintained at 30-40 yuan/kg during the day. In the morning session, large-factory silver ingots in Shanghai traded at a premium of 15-20 yuan/kg against TD for rigid demand, or at a discount of 17-20 yuan/kg against the SHFE silver 2512 contract, while national standard silver ingots traded at a premium of 10 yuan/kg against TD. Market supply remained relatively tight, with suppliers' offers showing widening differences. End-users made purchases based on rigid demand, and market transactions were moderate.