Silver Prices Declined Intraday, Spot Cargo Negotiation Margins Continued to Edge Lower [SMM Daily Review]

Today, SMM's premium quotation range for the Shanghai Gold Exchange Ag (T+D) was TD-40 to 0 yuan/kg, with an average of -20 yuan/kg, and market quotations varied significantly across different brands of circulating supplies. The spot market saw severe involution among numerous shippers in pricing, and downstream consumption remained dismal during the off-season, with negotiation margins continuing to edge lower, and overall transactions were sluggish. In the early session, suppliers offered national-standard silver in the range of TD-30 to -10 yuan/kg. Downstream purchase willingness was subdued, with most participants adopting a wait-and-see approach, exercising caution in procurement, or making just-in-time procurement in small volumes. Currently, shippers maintained a wait-and-see attitude, considering registered warrants operations, with increasing reliance on banking institutions for price support.