Silver Prices Rose on August 13 [SMM Daily Review]

Last night, geopolitical turmoil reignited market risk aversion sentiment, leading to a rise in silver prices. The opening price of spot silver was $27.957 per ounce. The morning reference price of SMM #1 silver averaged 7,160 yuan per kilogram, an increase of 144 yuan per kilogram from the previous day, with a growth rate of 2%. According to SMM, spot silver ingots meeting national standards in Shanghai were quoted at a premium of 3-4 yuan per kilogram with cash payment today, while spot silver ingots from large factories were quoted at a premium of 5 yuan per kilogram. Upstream enterprises showed increasing reluctance to sell, with no pressure to make shipments, and producers were unwilling to lower premiums/discounts. Buyers had low acceptance of the prices, leading to some market stalemate regarding pricing.