Silver Prices Remained in the Doldrums, and Trading in the Spot Market Was Muted [SMM Daily Review]

Silver prices continued their weak trend today, and the spot-futures price spread between TD and the most-traded SHFE silver contract widened slightly. As month-end approached, some suppliers, after completing this month's sales targets, suspended quotations and held back cargoes while waiting on the sidelines. 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 there were hardly any transactions at high prices. Downstream buyers only made a small number of purchases based on rigid demand through negotiations, and mainstream transaction premiums in the market were almost unchanged from yesterday. In the short term, the situation between the US and Iran and crude oil price trends remained unclear, the bearish sentiment in the precious metals market was strong, and market trading remained sluggish.