Silver Prices Declined Intraday, Market Consumption Continued Sluggish Trend [SMM Daily Review]

Today, SMM's premiums against the SGE Ag(T+D) were quoted at a range of TD discount of 40-0 yuan/kg, with an average price of -20 yuan/kg. The TD-SHFE contract spot-futures price spread narrowed somewhat today. After downstream enterprises bought on dips yesterday, demand continued to pull back, and market consumption remained sluggish. Shipments of registered brand supplies were relatively limited, downstream enterprises' just-in-time procurement saw limited transactions, and bank floor bids were the mainstream choice. Quotation differences for circulating supplies varied significantly across different brands and regions.
In the Shanghai market during the morning session, suppliers of national-standard silver ingots posted mainstream quotations against TD at a discount of 40-0 yuan/kg. The market was dominated by transactions at discounts, with most deals concluded around a TD discount of 20 yuan/kg. Major smelter silver ingots saw a small volume of transactions at parity, while some low-priced supplies in the Shenzhen area were offered at relatively low levels.