SMM

Domestic silver prices surged sharply in the morning session, but the spot market premium showed no signs of decline. Large-scale silver ingot suppliers in Shanghai quoted premiums of 230-250 yuan/kg against TD, with downstream buyers actively negotiating. Actual transactions were concluded at TD premiums of 180-230 yuan/kg. Due to tight inventory and market supply in Shanghai, the total transaction volume remained limited. After 10:30 a.m., low-premium quotes nearly disappeared, and spot market suppliers raised their TD premium quotes to 250-300 yuan/kg, adopting a wait-and-see stance with limited sales. In Shenzhen, demand plummeted, with only a few suppliers offloading goods at high prices. Downstream enterprises showed evident fear of high prices, and end-user orders sharply contracted. Purchases were made only in small quantities based on orders, and market circulation of goods remained insufficient, reflecting weak supply and demand.