Today, SMM quoted premiums for SGE Ag(T+D) in the range of TD-25 to -5 yuan/kg, with an average of -15 yuan/kg.
On the macro front, after Iran submitted its response to the US with a plan to end the war, negotiation prospects deteriorated sharply. Market concerns over a renewed escalation of the Middle East situation intensified significantly, and silver prices fluctuated at highs.
Spot market, overall demand remained weak at the beginning of the week. Suppliers generally reported poor transactions and low willingness to sell. During the morning session in Shanghai, mainstream quotations from holders of national-standard silver ingots were quoted at premiums of -20 yuan/kg to parity against TD. However, shipments at higher premiums proved difficult, and the transaction center leaned toward the lower end. Meanwhile, a few non-delivery brands in Shenzhen maintained larger discounts, causing some disruption to the market. The spot market overall saw sluggish transactions today.
![U.S.-Iran Tensions Fluctuated, Platinum Prices Oscillated Intraday, Spot Consumption Remained Weak [SMM Daily Review]](https://imgqn.smm.cn/usercenter/yhuhG20251217171735.jpg)
