Silver Prices Rebound as Supply and Demand in Spot Market Both Decline [SMM Daily Review]

According to SMM, the morning quotes for spot premiums/discounts of TD warrants for national standard silver ingots in Shanghai with cash payment were 3-5 yuan/kg. After the silver price strengthened in the morning session, some suppliers slightly lowered their premium quotes. In Shanghai, large-scale smelters quoted spot silver ingots at premiums of 5-7 yuan/kg against TD or discounts of 2-3 yuan/kg against the SHFE silver 2506 contract. In South China, smelters quoted cargoes self-picked up from production site at discounts of 5-6 yuan/kg against the SHFE silver 2506 contract. Downstream buyers actively negotiated prices for their immediate needs. Both spot supply and demand declined in the spot market, and overall market transactions were relatively sluggish.

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