SMM

Silver prices corrected and weakened during the day. As month-end approached, some suppliers sold off their inventory to recoup funds. According to SMM, today's cash spot TD warrant for national standard silver ingots in the Shanghai area was quoted at a premium of 2-3 yuan/kg or at a discount of 24-25 yuan/kg against the SHFE silver 2510 contract. Spot silver from large factories was quoted at a premium of 3-5 yuan/kg against TD. In the morning market, there were a few selling quotes at a discount of 30 yuan/kg against the SHFE silver 2510 contract or at a discount of 7-10 yuan/kg against the SHFE silver 2508 contract. After quick transactions, the spot market still mainly traded at a slight premium to TD. With silver prices oscillating and correcting, downstream buyers actively inquired about prices and bought the dip. Due to the narrowing spot-futures price spread, traders were relatively cautious in purchasing and generally adopted a wait-and-see attitude. Market transactions improved slightly WoW.