[SMM Daily Review: Cooling CPI, Slight Correction in Silver Prices, Spot Deals Probe Deeper into Discount Territory] SMM, August 13 – The US July CPI was in line with expectations, and the signal of an inflation slowdown strengthened; rate-hike bets were trimmed slightly, and silver futures prices pulled back. Spot market demand was weak, with transactions probing further into discount territory.

During the day, precious metal prices were in the doldrums, with a backwardation structure initially emerging in the Shanghai silver futures price spread. In the spot market, some suppliers, after seeing a decline in inventory, raised their premiums and adopted a wait-and-see approach with reluctance to sell. In the Shanghai area, suppliers of national standard silver ingots quoted a premium of 35-40 yuan/kg against TD or a premium of 35-40 yuan/kg against the Shanghai silver futures 2512 contract. Suppliers of large-brand silver ingots quoted a premium of 40-45 yuan/kg against TD, also holding back sales and waiting. After the silver price pulled back, downstream buyers maintained just-in-time procurement. Smelters' ex-works offer premiums showed no significant adjustment compared to the previous day. Market wait-and-see sentiment remained strong, while spot cargo transactions improved slightly.