Silver prices fell on February 29

Yesterday, the EIA crude oil inventory in the United States for the week to February 23 announced a value of 4.199 million barrels, higher than the previous value of 3.514 million barrels and the expected value of 2.743 million barrels. This is negative for silver. The price of silver fell slightly today, and the opening price of spot silver was US$22.439/ounce, the average ex-factory reference price of SMM1# silver in the morning was 5,859 yuan/kg, and the average price dropped by 7 yuan/kg from yesterday, a decrease of 0.1%. According to SMM, premium for large-volume order national standard silver ingots in Shanghai was 3 yuan/kg, and the quotation of spot silver ingots from large producers was 4-5 yuan/kg with cash payment. Demand has not yet improved noticeably and traded prices were lower than quotes.