Silver Prices Fell on August 5 [SMM Daily Review]

Today, silver prices continued to decline. The opening price of spot silver was $28.511 per ounce. The ex-factory reference average price of SMM #1 silver in the morning was 7,272 yuan/kg, down 57 yuan/kg from last Friday, a decrease of 0.8%. According to SMM, due to the price drop, the premium for spot silver ingot meeting national standard in Shanghai was 2-3 yuan/kg with cash payment, with some quotes against the 2410 contract. The market transaction in the morning was mediocre.