Today, SMM’s Ag (T+D) fixing at 10:00 AM stood at 14,150 yuan/kg, with premiums quoted at parity to a premium of 20 yuan/kg against TD and an average premium of 10 yuan/kg, remaining flat from the previous trading day.
On the macro front, although the final US Q1 GDP reading was revised up to 2.1%, final sales to private domestic purchasers, reflecting domestic demand, were notably revised down, indicating some weakening in consumer resilience. Market risk-aversion and easing expectations rebounded, while expectations for rate hikes cooled slightly, driving a slight rebound in precious metals prices.
In the spot market, as month-end approached, some suppliers had limited willingness to sell, likely due to restricted quotas for invoices dated this month, halting large-volume shipments. Morning quotes in Shanghai were mainly concentrated between parity and a premium of 20 yuan/kg against TD, with traders’ quotes clearly leaning toward the mid-to-high end. Downstream buyers were negotiating with weak procurement, and some enterprises accepted deals at mid-to-high quotes due to a lack of input tax invoice credits. Low-priced cargoes in other regions had been largely cleared, and quotes in Shenzhen mostly hovered around a premium of 10 yuan/kg against TD. Today, the market’s premiums quoted against the most-traded SHFE 2608 contract were at discounts of 35-25 yuan/kg. Overall, the silver spot market was thin on both trading and investment today.
