China-U.S. Economic and Trade Negotiations Make Progress, Precious Metal Prices Retreat in Morning Trading, Spot Cargo Transactions Generally Sluggish [SMM Daily Review]

According to SMM, in the morning session today, the quotes for premiums and discounts of TD warrants for national standard silver ingots with cash and spot payment in the Shanghai region were 4-5 yuan/kg or a discount of 3 yuan/kg against the SHFE silver 2506 contract. The quotes for silver ingots from large smelters were at a premium of +5-8 yuan/kg. A smelter in Henan province offered ex-factory quotes with a discount of 5 yuan/kg against TD. In the morning session today, the prices of precious metals were affected by the news of substantive progress in the China-US economic and trade negotiations. After the easing of risk-averse sentiment, precious metal prices corrected. However, the spot-futures price spread between SHFE silver and TD, as well as the premiums and discounts in the spot market, remained unchanged. Suppliers followed the market trend, and some traders indicated that they would temporarily adopt a wait-and-see attitude due to the weakening of downstream consumption orders in the PV sector, leading to a decline in inventory replenishment enthusiasm. Overall, market transactions were relatively sluggish.

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