SMM

Silver prices experienced a slight correction today. The spot-futures price spread for the most-traded SHFE silver 2512 contract widened to 40 yuan/kg, with some suppliers raising their premium quotes against TD. In Shanghai, large smelter suppliers quoted spot silver ingots at a premium of 35-40 yuan/kg against TD or a premium of 0-10 yuan/kg against the SHFE silver 2512 contract, with transactions concluded. Some silver ingot suppliers quoted at a premium of 50-60 yuan/kg against TD or a premium of 10-20 yuan/kg against the SHFE silver 2512 contract, but trading was thin. Spot market availability remained relatively tight, with some smelters still focusing on large ingot exports and suspending domestic supply quotes. Downstream rigid demand continued to show significant wait-and-see sentiment, and overall market trading was subdued.