Silver prices surged and plunged on May 21 [SMM Daily Review]

Today, silver prices experienced significant fluctuations. Silver T+D prices surged from the opening price of 8,190 yuan/kg to over 8,600 yuan/kg, then retreated to nearly 8,100 yuan/kg. The spot opening price was $31.8/kg, also showing a trend of initial rise followed by a sharp drop. The ex-factory reference average price of SMM 1# silver in the morning was 8,188 yuan/kg, down 26 yuan/kg from yesterday, a decrease of 0.3%. Today, silver spot market saw sluggish trading, with only essential demand. Orders underperformed compared to yesterday amid price volatility in the morning. The spot premium fell rapidly amid ample supply, but transactions remained weak.