Silver Prices Remained in the Doldrums as Month-End Approached, Suppliers Were Reluctant to Sell and Waited on the Sidelines, and Market Transactions Were Thin [SMM Daily Review]

Silver prices were in the doldrums today, and the spot-futures price spread between TD and the most-traded SHFE silver contract changed relatively little from yesterday. As month-end approached, more suppliers were reluctant to sell and chose to wait on the sidelines, while downstream buyers still mainly purchased through negotiation. In the Shanghai market, during early trading, mainstream quotations from suppliers of standard silver ingots were at premiums of 100-150 yuan/kg against TD, but transactions at high prices were difficult. Downstream buyers purchased through negotiation, and some market transaction prices were lowered to premiums of 50-100 yuan/kg against TD. Downstream enterprises, wary of further price declines, stayed on the sidelines, with only limited just-in-time procurement, and the market remained sluggish.