SMM

Silver prices continued their slight upward trend during the day. Supply in the spot market remained relatively tight, as some smelters' shipments under long-term contracts had not yet arrived at social warehouses. In Shanghai, a small volume of large-smelter silver ingots traded at a premium of 250-300 yuan/kg against TD, while several hundred kilograms changed hands at a premium of 200-250 yuan/kg against TD. Investment demand from regions such as Shenzhen dominated the spot market, with suppliers becoming increasingly reluctant to sell, pushing spot premiums higher. According to SMM, large-volume transactions by smelters were concluded at significantly lower premiums than those in the trade market. Individual smelters’ offers at a premium of 150-200 yuan/kg against TD or 200-250 yuan/kg against the SHFE silver 2602 contract were snapped up immediately. Although downstream buyers actively inquired, large-volume purchases were generally cautious, resulting in low total actual transaction volume. Market activity was dominated by investment demand characterized by small-volume, high-premium transactions, with overall spot market trading remaining moderate.