Silver Prices Fluctuated Intraday, Spot Market Discount Narrowed Slightly [SMM Daily Review]

Today, SMM's price taking from the SGE Ag(T+D) at 10:00 was 18,710 yuan/kg, with premiums quoted at TD -40 to -10 yuan/kg, averaging -25 yuan/kg. Silver futures traded in a range-bound manner today. The final draft of the US-Iran agreement has been reached, with specific details expected to be released today. Close attention should be paid to Voss's sworn speech tonight. Spot market side, suppliers of national-standard silver ingots posted mainstream quotations at discounts of 40 yuan/kg to 10 yuan/kg against TD. Most suppliers in Shanghai reported that premiums on branded silver ingots narrowed slightly, with a few clients' designated brand silver ingot transaction prices leaning toward the higher end of quotations. The involution in market quotations eased somewhat, with only some national-standard spot silver ingots maintaining quotations at the lower end, widening the price spread between high and low quotations. Some downstream enterprises made just-in-time procurement through bargaining, also reflecting that spot cargo at large discounts in the market decreased, though procurement sentiment remained cautious. In Shenzhen, non-delivery brand quotations, while still deviating from mainstream quotations, saw a narrower price difference compared to the previous day, with discounts narrowing to around TD -50 yuan/kg. Overall, silver spot premiums narrowed somewhat, but market sentiment remained cautious.