Silver Futures Maintained a Consolidation Standoff; Mainstream Spot Market Transactions Continued at a Slight Discount [SMM Daily Review]

Today, SMM’s 10:00 pricing for Gold Exchange Ag (T+D) was 16,680 yuan/kg, with the premiums range quoted at TD -10 to 0 yuan/kg and a weighted average price of -5.84 yuan/kg.
Geopolitics, the US and Iran remained in a stage of strategic maneuvering. The US refused to return to the US-Iran memorandum of understanding reached in June and stated that it did not rule out various options. The market has entered a wait-and-see window, focusing on the upcoming Jackson Hole Global Central Banking Annual Symposium for the latest policy signals. Central bank officials’ remarks will directly affect the subsequent pricing of the interest-rate path. In the short term, precious metals may maintain a fluctuating trend amid tug-of-war, awaiting clearer direction from the symposium guidance.
Spot market, today’s offers were concentrated at a TD discount of 10 yuan/kg to parity. At month-end, suppliers showed weaker willingness to sell, and some enterprises that had already cleared inventory suspended quoting. The spot-futures price spread narrowed slightly, and actual transactions still stayed at a small discount. Some buyers, due to invoice issues and the need to top up input VAT credits, made certain inquiries. In Shanghai, morning quotes were mainly around parity; in Shenzhen, deals were generally concluded at a small discount, with relatively sluggish demand. Today, the premiums quote against the SHFE the most-traded contract 2610 was a discount of 55-45 yuan/kg.
Overall, in the short term, precious metals maintained a fluctuating tug-of-war, with strong wait-and-see sentiment in the market, awaiting Jackson Hole guidance to further clarify direction. Spot market, at month-end, selling sentiment was weak, low-priced supply was limited, and mainstream transactions remained at a discount.