SMM

Silver prices retreated from highs today, while spot market supply remained tight. The spot-futures price spread for TD against the most-traded SHFE silver 2512 contract widened slightly to 10-20 yuan/kg. In Shanghai, suppliers offered silver ingots at a premium of 60-80 yuan/kg against TD or 50-60 yuan/kg against the SHFE silver 2512 contract, with some deals concluded. In Shenzhen, suppliers traded small volumes of silver ingots at a premium of 60-70 yuan/kg against the SHFE silver 2512 contract. In the short term, spot silver in the domestic market maintained premium offers. After silver prices pulled back, downstream buyers actively inquired but actual trades were thin, and wait-and-see sentiment remained strong.