Price Decline on January 14, Demand Weakens [SMM Daily Review]

Today, silver prices experienced a compensatory decline. The opening price of spot silver was $29.597 per ounce, and the SMM 1# silver ex-factory reference average price in the morning was 7,597 yuan per kilogram, down 173 yuan per kilogram from yesterday, a decrease of 2.2%. According to SMM, due to the decline in the absolute price of silver combined with the widening spot-futures price spread, market purchase sentiment was strong today. A slight stockpiling demand emerged downstream before the Chinese New Year. The national standard transaction price remained unchanged from yesterday, while the transaction price for large manufacturers increased by 1-2 yuan per kilogram compared to yesterday. Enterprises that purchased yesterday were constrained by yesterday's purchase costs and could not offer lower prices today. Today's transaction performance exceeded market expectations.

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