Stronger US Dollar and Easing Interest Rate Cut Expectations Drag Silver Prices Sharply Lower, While Spot Premiums Continue to Decline and Sluggish Consumption Remains Unchanged [SMM Daily Review]

Silver prices continued to weaken today, and spot market premiums maintained a downward trend. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were lowered to premiums of 100-150 yuan/kg against TD. Downstream consumption remained sluggish, and just-in-time procurement continued to shrink. Although some smelters or traders held back sales and waited on the sidelines due to costs and other reasons, low-priced spot supply was still available in the market, and mainstream transaction prices gradually fell to within TD+100 yuan/kg. In the Shenzhen market, standard silver ingots were offered at premiums of 50-100 yuan/kg against TD, with sellers holding back and waiting on the sidelines. Non-standard registered brand silver ingots were still being sold at parity or slight discounts against TD. Downstream players remained cautious and on the sidelines, and overall market transactions were relatively light.