Silver Prices Continue to Rise Slightly on July 2nd [SMM Daily Review]

Yesterday, the US June ISM Manufacturing PMI data was released at 48.5, lower than the previous value of 48.7 and the expected value of 49.1, which is bullish for silver. Today, the opening price of spot silver was $29.407 per ounce. The ex-factory reference average price of SMM #1 silver in the morning was 7,781 yuan per kilogram, an increase of 85 yuan per kilogram from yesterday, with a growth rate of 1.1%. According to SMM, the large cash spot silver ingot quotations in Shanghai today were 0-1 yuan per kilogram. The quotations for large cash spot national standard silver ingots for the 08 contract were more common. The market inquiries were active in the morning, but transactions were scarce. Purchasing producers wanted sources with advantageous premiums and discounts, while sellers lacked interest in selling. The market was stalemated due to prices.