Silver Stabilized with Narrowing Discount, Consumption Support Remained Weak [SMM Daily Review]

Today, SMM's 10:00 AM pricing against the SGE Ag(T+D) was 18,598 yuan/kg, with premiums quoted at TD -30 to -10 yuan/kg, averaging -20 yuan/kg.

On the macro front, silver gave back part of its earlier gains and gradually stabilized after the decline. Short-term trends were highly correlated with Voss's inauguration statements and the progress of US-Iran negotiations, with relatively large fluctuation elasticity.

Spot market, mainstream quotations from national-standard silver ingot suppliers were quoted at premiums of TD -30~-10 yuan/kg against the T+D contract, and the recent transaction center remained skewed toward the lower end. Morning quotations in the Shanghai area were concentrated in the TD -20 to -10 yuan/kg range, with some smelters' transactions today skewing toward the higher end. Spot discounts for non-delivery brands in other regions narrowed somewhat. Affected by the recent large fluctuations in silver, some suppliers exhibited stockpiling and hold-back-from-selling sentiment. Overall, silver spot discounts narrowed somewhat, but consumer market support remained weak.