Today, SMM's 10:00 a.m. price for Ag (T+D) on the Gold Exchange is 13,066 yuan/kg, with the premium range quoted from parity against TD to +15 yuan/kg, and the weighted average price at 7.83 yuan/kg; against the most-traded SHFE 2612 contract, it is at a discount of 35-20 yuan/kg.
On the geopolitical front, senior officials from Saudi Arabia, Türkiye, and Pakistan traveled to Tehran, and the four countries agreed to hold consultations on security cooperation; meanwhile, the Houthis claimed attacks on Saudi oil pipeline pumping stations and Riyadh airport. Geopolitical tensions remained volatile, and oil prices swung wildly. The market focused on guidance from the US Fed's interest rate meeting in the early hours.
In the spot market, silver prices rebounded slightly today, and with demand concentrated in the previous period, end-user purchasing sentiment was weak. Transaction premiums pulled back slightly, and a few enterprises actively negotiated to replenish stock due to input gaps. Silver ingots with invoices dated this month traded from parity to a slight premium. Suppliers' overall inventory remained low, and some suppliers showed weak willingness to quote. In the Shanghai area, morning quotes were concentrated at a discount of 20-35 yuan/kg against SHFE 2612. The spot market continued to show a weak supply-demand pattern, with the basis ranging between 30-40 yuan/kg today. Overall, silver prices saw a technical rebound after overselling, with futures rebounding slightly. The spot market showed weakness on both supply and demand sides, with transactions around parity to a slight premium. Attention is on the guidance from the FOMC meeting in the early hours.
![Platinum futures stop falling and rebound; spot market premiums stable with normal trading [SMM daily review]](https://imgqn.smm.cn/usercenter/QnbfL20251217171735.jpeg)
