Silver prices plummeted on June 11 [SMM Daily Review]

During the Dragon Boat Festival holiday, due to US non-farm payrolls far exceeding expectations, the seasonally-adjusted non-farm payrolls for May were 272,000, much higher than the previous value of 165,000 and the expected value of 185,000. On June 11, the SMM average 1# silver ex-factory reference price in the morning was 7,726 yuan/kg, down 454 yuan/kg from yesterday, a decline of 5.55%. Prices were still showing a downward trend. In the Shanghai spot market, due to the expanded spot-futures price spread and market selling, quotations of large smelters for silver ingots ranged from discounts to premiums, but it was difficult to sell at premiums.