Silver Prices Fluctuated and Consolidated, Rising Slightly; As Month-End Approached, Trading in the Spot Market Was Muted on Both Sides [SMM Daily Review]

Silver prices fluctuated in a narrow range and rose slightly today. The spot-futures price spread between TD and the most-traded SHFE silver contract changed little WoW, and as month-end approached, suppliers continued to hold prices firm and were reluctant to sell. In the Shanghai market, during morning trading, mainstream quotations from suppliers of standard silver ingots were at premiums of 120-150 yuan/kg against TD. However, as downstream consumption softened, some suppliers lowered premiums to 90-120 yuan/kg for limited transactions. It was learned that although suppliers held prices firm and were reluctant to sell, downstream buyers reported that due to factors such as the circulation of different brands in the market and cost differences among suppliers, quotation disparities remained wide. Actual transaction prices were at premiums of 70-100 yuan/kg against TD, and sluggish market trading remained unchanged.