Silver Prices Continue to Decline, Downstream End-User Premium Purchases and Transactions Improve [SMM Daily Review]

Silver prices continued to pull back today, with the spot-futures price spread for SHFE silver 2510 contract narrowing. Except for a few spot national standard silver ingots sold at parity, suppliers in Shanghai still offered premiums of 4-5 yuan/kg against TD or discounts of 15-18 yuan/kg against the SHFE silver 2510 contract. Suppliers of large manufacturers' silver ingots offered discounts of 14-15 yuan/kg against the SHFE silver 2510 contract. After silver prices pulled back today, trading in the spot market gradually became active, with downstream end-users successively buying the dip, and overall market transactions gradually improved.