SMM

Silver prices continued to consolidate sideways within the day. According to SMM, suppliers of national standard silver ingot warrants with spot cash in Shanghai were offering a premium of 3-4 yuan/kg against TD, while large-scale smelters were offering silver ingots at a premium of 5 yuan/kg against TD or a discount of 15 yuan/kg against the SHFE silver 2508 contract. In Jiangxi, cargoes self-picked up from production site at smelters were offered at a premium of 1 yuan/kg against TD or a discount of 18-19 yuan/kg against the SHFE silver 2508 contract. Overall, actual transactions were relatively weak, with suppliers showing low interest in selling, and some suppliers halting trading in the morning session to rest and observe the market.

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