Silver prices in the doldrums downstream buyers purchasing on dips spot market premiums slightly adjusted [SMM Daily Review]

Silver prices retreated from highs overnight and continued to be in the doldrums today. Suppliers still need to lower their premium quotes for large volumes of transactions, but some suppliers are holding prices firm and reluctant to sell after their inventories have dropped to 2-3 mt. In Shanghai, suppliers of national standard silver ingots lowered their premiums against the TD contract to 1,000-1,100 yuan/kg or 550-600 yuan/kg against the 2604 contract. Large suppliers of silver ingots are holding back at premiums of 1,100-1,200 yuan/kg against the TD contract. It is understood that despite the firm quotes, some suppliers' premiums against the TD contract were negotiated down to 900-1,000 yuan/mt in early trading. In South China, there was more buying interest, with smelters' cargoes self-picked up from production site transacting at a premium of 900 yuan/kg against the TD contract. The tight supply situation in the spot market has slightly eased, and there are significant differences in quotes for different volume levels and specific brands of silver ingots. Downstream buyers are actively inquiring and buying the dip, and overall trading volume is moderate.