Silver prices retreat and weaken, while the enthusiasm for procurement among downstream end-users slightly improves [SMM Daily Review]

Silver prices corrected from their highs during the day, pressured by the renewed strength of the US dollar, the stable interest rates maintained by the US Fed overnight at its interest rate meeting, and the market traders' reduced expectations for an interest rate cut in September. In the spot market, according to SMM, today's quotes for TD warrants of national standard silver ingots with cash payment and spot delivery in Shanghai were at a premium of 2-3 yuan/kg, while quotes for spot silver ingots from large factories against TD were at a premium of 3-5 yuan/kg. As month-end approaches, the availability of spot silver in the market is relatively tight, prompting some suppliers to slightly raise their premium quotes. After the silver ingots previously sold at a discount were sold out, today's quotes for "cheap" spot silver ingots have significantly decreased. Following the weakening of silver prices, downstream end-users actively negotiated prices to buy the dip, while smelters continued to prioritize shipments under long-term contracts. Some traders pre-sold spot silver with invoices dated next month. After the correction in silver prices, market trading activity slightly improved.