Silver prices fell on August 7 [SMM Daily Review]

Today, silver prices continued to decline. The opening price of spot silver was $26.962/ounce. The ex-factory reference price of SMM #1 silver in the morning averaged 6,937 yuan/kilogram, down 75 yuan/kilogram from yesterday, a decrease of 1.1%. According to SMM, the premiums for spot silver in Shanghai were around 4 yuan/kilogram with cash payment, and spot premiums were around 10-15 yuan/kilogram over the 2410 contract. As the price fell below 7,000 yuan/kilogram, the market purchasing sentiment was strong. The supply shortage pushed the premiums/discounts up.