Silver prices continue to consolidate, with spot cargo transactions appearing slightly sluggish [SMM Daily Review]

Today, silver prices consolidated around the 8,800 yuan/kg level. According to SMM, suppliers holding warrants for national standard silver ingots in Shanghai, with spot payment and spot delivery, quoted premiums of 0-2 yuan/kg against TD. For silver ingots from large-scale producers, the premiums against TD were 3-5 yuan/kg. The spot-futures price spread widened during the day. In Shanghai, suppliers' quotes for a discount of 15-17 yuan/kg against the SHFE silver 2508 contract saw almost no transactions. In Shenzhen, cargoes self-picked up from production site were traded at a discount of 23 yuan/kg against the SHFE silver 2508 contract to meet immediate demand. Traders' enthusiasm for purchasing was moderate during the day, while downstream buyers remained largely on the sidelines. Overall, trading activity in the spot market was relatively sluggish.

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