According to SMM, silver prices were in the doldrums during the morning session today, with the SHFE silver-TD spot-futures price spread narrowing. The premiums and discounts for TD warrants of national standard silver ingots, traded on a cash and spot basis in Shanghai, were slightly lowered to +3 to +5 yuan/kg. Some suppliers quoted a discount of 12 yuan/kg against the SHFE silver 2506 contract. As the end of the month approached, some suppliers, after experiencing a decline in inventory, stood firm on quotes with high premiums and were reluctant to sell, though transactions were relatively difficult. Downstream buyers with immediate needs bought the dip, and some silver nitrate enterprises mentioned moderate stocking demand ahead of the Labour Day holiday. Market transactions were moderate.
