Silver prices experienced a slight correction today. Domestic smelters primarily focused on exporting large ingots, and the undersupply situation in the spot market has not yet eased. The spot-futures price spread for the most-traded SHFE silver 2512 contract narrowed to within 10 yuan/kg during the day. In Shanghai, suppliers of national standard silver ingots quoted and traded at a premium of 50-55 yuan/kg against TD or a premium of 40 yuan/kg against the SHFE silver 2512 contract. Premiums quoted by suppliers of mainstream large-smelter silver ingots against TD rose to 55-60 yuan/kg. In Shenzhen, suppliers of national standard silver ingots quoted and traded at a premium of 40-50 yuan/kg against the SHFE silver 2512 contract for rigid demand. Market circulation of spot cargo was limited, and downstream buyers purchased cautiously based on rigid demand. In the short term, spot premiums in the domestic market may remain high, and wait-and-see sentiment is strong in the market.
