Today, SMM’s 10:00 am fixing price for SGE Ag (T+D) was 16,637 yuan/kg. The premium range was quoted at parity to +20 yuan/kg against T+D, with an average premium of 10 yuan/kg.
On the macro front, the US Fed announced it would keep the federal funds rate target range at 3.50%-3.75% unchanged, marking the fourth consecutive hold. The latest dot plot showed that the overall stance of Fed officials tilted more hawkish than before, with most members expecting no rate cuts this year and nearly half seeing the possibility of further rate hikes. Silver futures dipped briefly after the meeting, then rebounded technically as expectations for further hikes did not intensify. On the geopolitical front in the Middle East, the US-Iran memorandum of understanding was officially signed and took effect, launching a 60-day negotiation period.
In the spot market, overall consumption was weak today, and with the holiday approaching, some suppliers had cleared their inventories. Coupled with long-term contract lock-ins and export allocations, their willingness to sell was low. Offered prices held steady from yesterday, while price spreads remained wide. Morning offers in Shanghai were mainly at parity to +20 yuan/kg vs T+D, with actual transactions tilting towards the lower end. Low-priced cargoes in other regions were largely cleared, and smelters mostly quoted around parity to +10 yuan/kg. Premiums against the most-traded SHFE 2608 contract were quoted at -60 to -40 yuan/kg today. Overall, spot market trading remained sluggish.
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