Silver prices weakened before the Dragon Boat Festival, with spot trades significantly slowing down [SMM Daily Review]

Today, silver prices fluctuated downward throughout the day. According to SMM, the quoted premiums and discounts for TD warrants of national standard silver ingots in Shanghai, with spot payment and spot cargo, ranged from 4 to 6 yuan/kg. Some suppliers of national standard silver ingots offered discounts of 8 yuan/kg against the SHFE silver 2506 contract, while suppliers of silver ingots from major manufacturers offered discounts ranging from 3 to 5 yuan/kg against the SHFE silver 2506 contract. As the Dragon Boat Festival holiday approached, downstream procurement demand declined, and the holiday atmosphere in the market intensified. The spot-futures price spread widened during the day. Some suppliers refused to budge on prices and were reluctant to sell, or they closed their arbitrage positions and exited the market. Spot trades significantly slowed down.

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