SMM

During the day, silver prices fluctuated at highs, and suppliers in the spot market generally held back sales, maintaining high premium quotes. In Shanghai, suppliers quoted and traded large-brand silver ingots at a premium of around 150 yuan/kg against TD, while some suppliers held back and adopted a wait-and-see approach with premiums of 200-250 yuan/kg against TD. After the holiday, industrial users gradually engaged in buying the dip for stockpiling, and rigid stocking demand gradually recovered, with spot market trades being moderate.