Silver prices correct and consolidate, with trading in the spot market remaining sluggish [SMM Daily Review]

Silver prices were in the doldrums during the day. Suppliers holding warrants for national standard silver ingots in Shanghai, offering spot cash and spot cargo, quoted a TD premium of 2-3 yuan/kg or a discount of 7-8 yuan/kg against the SHFE silver 2508 contract. Large-scale manufacturers' silver ingots were quoted at a premium of 3-4 yuan/kg against TD. Spot transactions remained sluggish during the day. Despite some suppliers refusing to budge on prices for national standard silver ingots quoted at a premium of +5 against TD, no actual transactions were made. After silver prices weakened slightly, downstream buyers mainly focused on just-in-time procurement, with poor enthusiasm for buying the dip. Market transactions did not improve.

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