Silver prices rise for three consecutive days; downstream rigid demand leads to buying the dip amid light trading volume [SMM Daily Review]

Boosted by expectations for a US Fed interest rate cut in September, silver prices rose for three consecutive trading days. The spot-futures price spread between the SHFE silver 2510 contract and TD remained largely unchanged from the previous day. According to SMM, in Shanghai, there were a few transactions reported for national standard silver ingot warrants with TD premiums of 6-7 yuan/kg for spot cargo paid in cash. A bank trader offered national standard silver ingots at a TD premium of 4-5 yuan/kg. Some suppliers offered discounts of 24-25 yuan/kg against the SHFE silver 2510 contract or discounts of 4-5 yuan/kg against the SHFE silver 2508 contract. A few traders were reluctant to sell and were waiting to see, offering discounts of 20 yuan/kg against the SHFE silver 2510 contract. Suppliers' quotes were generally firm during the day, with downstream buyers making purchases at lower prices to meet immediate needs, resulting in relatively light trading activity in the spot market.