Risk Aversion Sentiment Pushed Up Silver Prices, Spot Discounts with Sluggish Trading [SMM Daily Review]

Today, SMM's premium/discount range quotation for the SGE Ag(T+D) was TD -30 to -10 yuan/kg, with an average of -20 yuan/kg.

On the macro front, the energy crisis in Peru and geopolitical uncertainties continued to ferment, boosting market risk-aversion sentiment, with capital inflows driving silver prices higher.

Spot market, elevated absolute prices continued to suppress downstream demand, and suppliers generally reported sluggish market transactions with weak buying sentiment. During the morning session in Shanghai, mainstream quotations from national-standard silver ingot suppliers were quoted at premiums of -20~-10 yuan/kg against TD, but market transactions were scarce. In the Shenzhen area, non-delivery brands maintained large discounts, with discount levels unchanged from yesterday. Overall, the spot market continued its weak trend today, with both buyers and sellers showing subdued trading activity.