Silver prices fell on May 8 [SMM Daily Review]

Crude oil stocks in the US went up by 0.509 million barrels in the week ending May 3, after rising by 4.906 million barrels in the previous week, while the market expected a 1.43 million barrels draw. Today, silver prices opened at $27.156 per ounce, and the ex-factory reference price of SMM 1# silver was 7,038 yuan/kg in the morning, down 60 yuan/kg from yesterday, a drop of 0.8%. According to SMM, the premium of spot silver meeting national standard under large-volume orders in Shanghai was 2-3 yuan/kg with cash payment, and the premium of spot silver under large-volume orders from large producers was 4-5 yuan/kg with cash payment. Purchasing sentiment has improved compared with yesterday amid declining prices.