Silver prices consolidate weakly, with suppliers refusing to budge on prices and holding back spot cargo for sale. Trading in the spot market is slightly sluggish [SMM Daily Review]

On the day, silver TD prices continued to be in the doldrums, falling below 9,000 yuan/mt and then consolidating sideways. In the spot market, according to SMM, today's spot silver ingots (GB standard) with cash payment in Shanghai were quoted at a premium of 2-3 yuan/kg over TD prices, while spot silver ingots from large manufacturers were quoted at a premium of 3-5 yuan/kg over TD prices. After the significant weakening of silver prices, traders and downstream customers showed a strong intention to purchase at lower prices. However, due to the tight supply of spot silver in the market and some suppliers' refusal to budge on prices, overall spot market transactions remained sluggish.