Silver Prices in the Doldrums, Spot Market Discounts Narrow with Improved Trading Volume [SMM Daily Review]

Precious metal prices continued to consolidate today, with significant fluctuations in the spot-futures price spread of SHFE silver 2510 contract. Some suppliers holding offers against the SHFE silver October contract chose to withhold sales and adopt a wait-and-see approach. According to SMM, mainstream transaction prices for standard silver ingot warrants against TD in Shanghai's cash spot market remained at parity, with no discounted cargoes available in the market. In the trading market, standard silver ingot warrants traded at premiums of 0-2 yuan/kg against TD, while large smelter's ingots transacted at premiums of 2-3 yuan/kg. Cargoes self-picked up from smelters in Jiangxi traded at discounts of 2 yuan/kg against TD, and standard silver ingot suppliers in Shenzhen quoted discounts of 37 yuan/kg against SHFE silver 2512 contract. After the silver price weakened, suppliers reduced sales, and market turnover improved slightly WoW.