Silver Prices Fluctuated Rangebound with Overall Light Market Trading [SMM Daily Review]

Silver prices still fluctuated rangebound at high levels today, with the SHFE silver-TD spot-futures price spread narrowing slightly, and some suppliers lowered their premiums. After suppliers in the Shanghai area sold out their national standard silver ingots with premiums of 3-5 yuan/kg against TD in the morning session, other suppliers maintained premiums of 5-6 yuan/kg for national standard silver ingots against TD, while suppliers of large manufacturers' silver ingots quoted premiums of 6-7 yuan/kg against TD. Downstream users made just-in-time procurement in small quantities at low prices, and suppliers generally held back from selling, with only a few enterprises making relatively large withdrawals from warehouses to boost Q3 revenue. Overall market trading remained sluggish.