Silver prices are in the doldrums, with downstream consumption weakening and transactions being negotiated [SMM Daily Review]

According to SMM, in the morning session today, the premiums and discounts for TD warrants of national standard silver ingots quoted on a cash and spot basis in Shanghai were in the range of 3-6 yuan/kg. In Shanghai, large-scale producers quoted spot silver ingots at premiums of 5-8 yuan/kg against TD or at discounts of 2-3 yuan/kg against the SHFE silver 2506 contract. Suppliers' quotes varied significantly, with high-premium quotes facing difficulties in closing deals. Downstream buyers negotiated prices to meet their immediate needs. Today, silver prices were in the doldrums, and the availability of goods in the market was not yet ample. Despite the difficulties in closing high-premium deals, suppliers had low intentions to lower premiums. The operating rates of downstream silver nitrate producers slightly declined, and trading in the spot market was relatively sluggish.

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