Risk Aversion Sentiment Pushed Up Silver Prices, Spot Discounts with Sluggish Trading [SMM Daily Review]

Published: May 13, 2026 10:07

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[SMM Daily Review: Safe-Haven Sentiment Pushed Silver Prices Higher, Spot Discounts and Sluggish Trading] SMM reported on May 13 that Peru's energy crisis and geopolitical risks pushed silver prices higher, but the spot market struggled to catch up, with discounts persisting and trading remaining sluggish.

Today, SMM's premium/discount range quotation for the SGE Ag(T+D) was TD -30 to -10 yuan/kg, with an average of -20 yuan/kg.

On the macro front, the energy crisis in Peru and geopolitical uncertainties continued to ferment, boosting market risk-aversion sentiment, with capital inflows driving silver prices higher.

Spot market, elevated absolute prices continued to suppress downstream demand, and suppliers generally reported sluggish market transactions with weak buying sentiment. During the morning session in Shanghai, mainstream quotations from national-standard silver ingot suppliers were quoted at premiums of -20~-10 yuan/kg against TD, but market transactions were scarce. In the Shenzhen area, non-delivery brands maintained large discounts, with discount levels unchanged from yesterday. Overall, the spot market continued its weak trend today, with both buyers and sellers showing subdued trading activity.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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