Silver prices fluctuated at highs today, as overseas short-squeeze dynamics transmitted to the domestic market, causing undersupply in the spot market and continuously surging spot premiums. The spot-futures price spread for the most-traded ag2512 futures contract narrowed slightly to 25-30 yuan/kg during the day. Apart from a few suppliers' large-factory silver ingots with a premium of 25 yuan/kg against TD being snapped up during the morning session, mainstream large-factory silver ingot suppliers in Shanghai raised their TD premiums further to 35-45 yuan/kg. Some suppliers switched to offering a premium of 10 yuan/kg against the SHFE silver 2512 contract. In Shenzhen, national standard silver ingot suppliers quickly traded at premiums of 30-40 yuan/kg against the SHFE silver 2512 contract. With limited circulating spot cargo available, downstream buyers only made just-in-time procurement in small amounts. Facing the sharply rising spot premiums, the market exhibited strong wait-and-see sentiment.
