Overview:Today, SMM's Ag(T+D) price on the Shanghai Gold Exchange was 14,291 yuan/kg at 10 a.m., with spot premiums quoted at TD premium 0 to premium +10 yuan/kg, averaging +5 yuan/kg. In the spot market, on the last day of the month, the weak supply-demand pattern persisted. Smelters largely refrained from offering, leaving suppliers limited room for trade, overall trading momentum was insufficient, and offers were relatively high. In Shanghai, morning quotes were mainly concentrated at TD premium 0 to premium +10 yuan/kg, deals were weak, and social inventory continued to accumulate. In July, silver production declined due to maintenance at lead-zinc and copper smelters. In Shenzhen, some national-standard cargo quotes were clustered around parity, and while low-priced material existed, it did not significantly disturb spot trade. Today, premiums against the most-traded SHFE 2610 contract were quoted at a discount of 60-50 yuan/kg.