Silver Prices Declined on October 31 [SMM Daily Review]

Yesterday, the US October ADP employment number was announced at 233,000, significantly higher than the previous value of 159,000 and the expected value of 114,000, which was bearish for silver prices. The opening price of spot silver was $33.77 per ounce. The ex-factory reference average price of SMM 1# silver in the morning was 8,138 yuan per kilogram, with the average price down by 177 yuan per kilogram compared to yesterday, a decrease of 2.1%. According to SMM, as the month is about to end, most companies in the market have basically completed their targets, and with weak prices, there is no motivation to ship out goods. The market's willingness to sell is poor, with quotes on par with or at a premium. Those in a hurry to sell are still mainly trading at a discount, with mediocre transactions at small discounts in the morning.