Silver prices soared on July 4 [SMM Daily Review]

Yesterday, the US ADP employment index in June recorded 150,000, lower than the previous value of 157,000. The initial jobless claims for the week ending June 29 were announced at 238,000, higher than the previous value of 234,000 and the expected value of 235,000. The data was bullish, stimulating silver prices to soar in the night session. Today's spot silver prices opened at $30.378 per ounce. The SMM1# silver ex-factory reference average price in the morning was 8,048 yuan per kilogram, an increase of 216 yuan per kilogram from yesterday, with a rise of 2.8%. According to SMM, the silver price increased in the night session yesterday. However, today's spot silver market purchasing sentiment is not strong, with many taking a wait-and-see approach. Some companies with rigid demand stocked up yesterday, leading to lower purchasing demand today. Additionally, silver prices showed a downward trend in the afternoon, with the market waiting for low prices.