Silver prices still fluctuated rangebound at high levels today, with the SHFE silver-TD spot-futures price spread narrowing slightly, and some suppliers lowered their premiums. After suppliers in the Shanghai area sold out their national standard silver ingots with premiums of 3-5 yuan/kg against TD in the morning session, other suppliers maintained premiums of 5-6 yuan/kg for national standard silver ingots against TD, while suppliers of large manufacturers’ silver ingots quoted premiums of 6-7 yuan/kg against TD. Downstream users made just-in-time procurement in small quantities at low prices, and suppliers generally held back from selling, with only a few enterprises making relatively large withdrawals from warehouses to boost Q3 revenue. Overall market trading remained sluggish.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM’s internal database model, for reference only and do not constitute decision-making recommendations.