Silver Prices Continued to Fluctuate and Consolidate, Downstream Buyers Remained Cautious and Wait-and-See With Lackluster Spot Cargo Transactions [SMM Daily Review]

Precious metal prices continued to fluctuate with a downward bias today. The spot-futures price spread of the most-traded SHFE silver contract widened slightly, and significant discrepancies in spot market quotations persisted. In the Shanghai area, mainstream quotations from registered-brand standard silver ingot suppliers were adjusted down to premiums of 50-60 yuan/kg against TD or quoted at premiums of 20 yuan/kg against the SHFE silver 2604 contract in the morning session. Some non-delivery brand smelter cargoes self-picked up from production site were sold at premiums of 0-10 yuan/kg against TD. Downstream consumption was sluggish, but considering factors such as the spot-futures price spread and costs, registered-brand silver ingot suppliers were inclined to deliver against the SHFE April contract. After the holiday, many downstream buyers remained on the sidelines, and spot transactions were thin.