Silver Prices Continued Their Downtrend, Suppliers Held Back on Selling and Waited to See, While Sluggish Market Transactions Remained Unchanged [SMM Daily Review]

Silver prices continued their downward trend today, while spot premiums in the spot market changed relatively little from yesterday, and suppliers generally held back sales and stayed on the sidelines. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were at premiums of 100 yuan/kg against TD. Downstream consumption remained sluggish, and just-in-time procurement generally involved active price negotiations. Smelters and traders mostly held back sales and stayed on the sidelines. Spot supply sold off at low prices decreased from yesterday. Only a small volume of standard silver ingots was transacted at TD+100 yuan/kg, while the transaction price for large volumes fell to TD+50-100 yuan/kg. However, intraday transactions were muted, downstream enthusiasm for procurement and stockpiling declined significantly, and sluggish market trading remained unchanged.