Silver prices fell on May 8 [SMM Daily Comment]

The API crude oil inventory in the United States for the week to May 3 was announced at 509,000 barrels, lower than the previous value of 4.906 million barrels and the expected value of -1.244 million barrels. The opening price of silver was US$27.156/ounce on May 8, the average ex-factory reference price of SMM #1 silver in the morning was 7038 yuan/kg, and the average price dropped by 60 yuan/kg from the previous day, a decrease of 0.8%. According to SMM, premium for silver ingots meeting national standard under large-volume orders in Shanghai was 2-3 yuan/kg with cash payment, and the premium of spot silver ingots under large-volume orders from large producers was 4-5 yuan/kg with cash payment. Market purchasing improved from the previous day.