During the holiday, spot silver prices rose and then came under pressure; Market demand remained stable with production resumption today [SMM Analysis]

During the National Day holiday, spot silver prices began to climb above $32/ounce from the 2nd. On the 3rd, prices remained stable with a slight increase, and on the 4th, spot silver prices surged rapidly before falling. Yesterday's opening price was $32.078/ounce, and then prices slipped to around $31.5/ounce. Last Tuesday, the US September ISM Manufacturing PMI was announced at 47.2, unchanged from the previous value and below the expected 47.5, which was bullish for silver. On Wednesday, the US September ADP employment figure was 143,000, higher than the previous 103,000 and the expected 120,000, which was bearish. On Thursday, the US initial jobless claims for the week ending September 28 were 225,000, higher than the previous 219,000 and the expected 220,000, which was bullish. On Friday, the US September unemployment rate was announced at 4.1%, lower than both the previous and expected 4.2%. The US September seasonally adjusted non-farm payrolls were 254,000, higher than the previous 159,000 and the expected 140,000, which was bearish for silver. During the holiday, companies produced according to pre-holiday production schedules. Most companies' production departments worked in shifts, while sales and administrative staff were on regular holiday. Some purchasing staff took a holiday after pre-holiday procurement, with some on duty to coordinate with production. Silver companies communicated with downstream partners about production and holiday schedules before the holiday. Most companies took a regular holiday during the period, and due to the market closure, procurement was done either in advance or after the holiday. Some downstream companies had delivery tasks during the holiday, but due to holiday logistics issues, pre-holiday deliveries were prioritized. During this National Day holiday, there was no procurement demand in advance, and the market maintained stable production according to pre-holiday plans, with stable demand and production scheduling.