Today, SMM's 10:00 a.m. price for SGE Ag (T+D) was 15,505 yuan/kg, with premiums quoted at parity to +10 yuan/kg against TD, and a weighted average price of 2.59 yuan/kg. Most suppliers maintained yesterday's premium quotes.
On the macro front, market pricing has largely locked in this rate hike. Silver is currently caught between "exhausted bearishness" and "second-hike panic," with capital focus rapidly shifting to the upcoming dot plot and Waller's speech, particularly whether signals of a second hike within the year will be released. Overnight, long-end US Treasury yields continued to fluctuate at highs, and stronger oil prices further elevated inflation tail risks. Funds largely stayed on the sidelines, awaiting the FOMC outcome.
In the spot market, morning quotes in Shanghai were concentrated at a discount of 25-20 yuan/kg against the most-traded SHFE 2610 contract. The spot-futures price spread between SHFE and SGE T+D held at 25-30 yuan/kg. Supplier quote price spreads were relatively small, and downstream buyers mostly purchased as needed based on orders, remaining cautious about large-volume purchases. Most transactions still leaned toward the lower end of quotes. Overall, market sentiment remained cautious, with funds generally choosing to wait and see, unwilling to position ahead of market moves. Spot suppliers held firm quotes, and transactions were moderate. Today, market premiums against the most-traded SHFE 2610 contract remained at a discount of 30 to 20 yuan/kg, with transactions concentrated in the slight premium range of SGE Ag (T+D).
![Platinum consolidated stronger in early trading; spot market discounts narrowed with normal transactions [SMM Daily Review]](https://imgqn.smm.cn/usercenter/gpWpd20251217171734.jpeg)
