Silver Prices Under Pressure During the Day, Sluggish Spot Market Unchanged [SMM Daily Review]

Today, SMM's 10:00 AM pricing for the SGE Ag(T+D) was 19,836 yuan/kg, with premiums quoted at TD -40 to -10 yuan/kg, averaging -25 yuan/kg. Precious metals futures came under pressure today, with silver seeing a larger decline. Trump's visit to China eased tariff expectations and suppressed strategic resource premiums, while the rise in the US dollar index and elevated medium- to long-term US Treasury yields jointly weighed on valuations. Spot market side, consumption remained weak. Suppliers reported severe market involution and low willingness to offer, with the price spread between high and low quotations widening and the trading center skewing toward the lower end of quotations. In the Shanghai market during the morning session, mainstream quotations from silver ingot suppliers were at premiums of TD -40 to -10 yuan/kg against the T+D contract. The market remained sluggish for multiple consecutive days, with some traders considering registered warrant operations or bank institution floor-pricing support. In the Shenzhen market, non-delivery brands maintained larger discounts. Overall, the spot market remained sluggish today with no change.