Silver Prices Consolidated Amid Fluctuations, Pre-Holiday Consumption Was Sluggish and the Spot Market Saw Offers but No Trades [SMM Daily Review]

Precious metal prices fluctuated in consolidation today, and the spot-futures price spread between TD and the most-traded SHFE silver contract showed no obvious change for the time being, while significant differences still existed in spot market quotations. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were at premiums of 60-80 yuan/kg against TD, or at premiums of 0-30 yuan/kg against the SHFE silver 2604 contract. Some smelters quoted cargoes self-picked up from production site at a premium of 50 yuan/kg against TD, but due to sluggish downstream consumption, actual transactions were sparse. The spot silver ingot market was quoted but saw little trading, with a strong holiday atmosphere.