Silver Prices Fluctuated Rangebound in Consolidation, and Spot Market Premiums Continued to Decline [SMM Daily Review]

Silver prices fluctuated rangebound today, while spot market premiums still showed signs of continuing to decline, and downstream transactions were still mainly concluded through substantial bargaining. In Shanghai, mainstream quotations from suppliers of domestic standard silver ingots were tentatively quoted at premiums of 600-700 yuan/kg against TD, but due to increased supply, weakening downstream consumption, and substantial bargaining, actual transaction premiums fell to 500 yuan/kg. In Shenzhen, premiums of domestic standard small silver ingots against TD dropped to 400 yuan/kg, while premiums for large ingots declined to 300-400 yuan/kg. As suppliers increased sell-offs and shipped more cargo to the Shanghai market, transaction prices in Shanghai were slightly dragged lower as a result. Some downstream consumers suspended purchases after completing post-holiday restocking, and buyers still largely stayed on the sidelines today, continuing to buy the dip through substantial bargaining. Suppliers gradually ended their efforts to hold prices firm and withhold sales, and successively adjusted prices to make shipments, while spot market transactions remained relatively sluggish.