Silver Prices Continue to Hold Up Well, Market Trading Slightly Quieter [SMM Daily Review]

Silver prices held up well today, with suppliers in the spot market maintaining firm prices and holding back sales. In Shanghai, suppliers offered quotes at a premium of 1,800-2,000 yuan/kg to TD, while some others held back sales and adopted a wait-and-see stance at a premium of 2,000-2,200 yuan/kg to TD. However, transactions at high premiums were difficult, limited only to scattered small orders for rigid demand, while large-tonnage transactions may face price negotiations and discounts. Some smelters, concerned about the impact of increased market supply after tomorrow's SHFE delivery and cargo pick-up on the premium, lowered their quotes to a premium of 1,600-1,700 yuan/kg to TD today for risk-averse selling. Market quotes varied significantly today, with some downstream enterprises delaying procurement demand until after tomorrow's delivery to pick up goods from the exchange. Expectations exist for an easing of the tight supply trend, resulting in thin transactions for suppliers offering high premiums, and overall market turnover was slightly weaker compared to yesterday.