Silver Prices Rebound Slightly, Month-End Trading Sluggish [SMM Daily Review]

Today, SMM's price taking from the SGE Ag(T+D) at 10:00 was 19,007 yuan/kg, with premiums quoted at TD -40 to -10 yuan/kg, and an average of -25 yuan/kg.

On the macro front, the US postponement of strikes on Iran eased market tensions, and precious metals prices rebounded slightly; however, US-Iran negotiations remained in a standoff, market expectations for interest rate hikes within the year warmed up, and precious metals were overall in a passive trend.

Spot market, mainstream quotations from suppliers of national-standard silver ingots were quoted at premiums of -40~-10 yuan/kg against TD. In the Shanghai region, early morning quotations were concentrated in the TD -20 to -10 yuan/kg range, with overall discount margins narrowing slightly, and some suppliers did not participate in offering. Month-end market procurement sentiment remained at a low level, with transactions mostly leaning toward negotiated pricing, and only clients with input tax credit gaps at month-end made small replenishments. In the Shenzhen region, non-delivery brand discounts narrowed to around TD -50 to -40 yuan/kg. Overall, both buying and selling interest in the month-end market were inactive today, and the sluggish transaction trend continued.