Silver prices weakened during the day. According to SMM, suppliers holding warrants for national standard silver ingots in Shanghai, which were available for cash and spot delivery, were still quoting premiums of 3-5 yuan/kg against TD or discounts of 15-18 yuan/kg against the SHFE silver 2508 contract. Despite the relative difficulty in closing deals at premiums, the circulation of spot cargo in the spot market was tight due to factors such as concentrated delivery for processing trade exports, resulting in sluggish transactions in the domestic spot market. As the month-end approached, some suppliers in the spot market closed their accounts and suspended quoting, while others held back from selling after their inventory declined. Downstream buyers actively negotiated prices to buy the dip, but overall actual transactions remained sluggish.
