Month-End Silver Ingot Trading Sluggish, Prices in the Doldrums [SMM Daily Review]

Today, SMM quoted premiums of TD-30 to 0 yuan/kg against the SGE Ag(T+D), with an average of -15 yuan/kg. Some traders in Shanghai temporarily withdrew from offering due to month-end tax invoice factors, but the impact on the overall market was limited. Month-end consumption weakened, market offers appeared slightly soft, and trading volume declined marginally.

In the Shanghai morning session, suppliers of national-standard silver ingots posted mainstream quotations against TD at discounts of 20 yuan/kg to parity, but transactions were hindered as downstream acceptance remained low; in Shenzhen, some non-delivery brands maintained discounts of 30-40 yuan/kg. Overall, month-end market activity remained subdued.