Silver Prices Retreat Amid Thin Trading and Strong Holiday Atmosphere [SMM Daily Review]

Silver prices retreated today, with market transactions almost coming to a halt after a few deals in the early session of the last trading day before the holiday, as the festive atmosphere was strong. Suppliers in Shanghai held firm on prices at a premium of 1,700-2,000 yuan/kg over TD, but high premiums made transactions relatively difficult. In Shenzhen, some suppliers were clearing inventory for the New Year at a premium of 1,500-1,600 yuan/kg over TD. Market quotes significantly decreased today. Due to the usual supply-demand mismatch during the holiday, smelters are expected to accumulate inventory, which will be offered for sale after the holiday. There were no pre-holiday sales quotes available in the market.