Silver Prices Remained Under Pressure with Volatile Trading, Spot Market Premiums Held Steady as Holiday Atmosphere Grew [SMM Daily Review]

Today, SMM quoted premiums of TD-30 to 0 yuan/kg against the SGE Ag(T+D), with an average of -15 yuan/kg. Mainstream quotation premiums were basically flat compared with yesterday. Some traders in Shanghai temporarily withdrew from offering due to invoicing rectification, and the overall market holiday atmosphere was growing stronger.

In the Shanghai morning session, suppliers of national-standard silver ingots quoted premiums of -20 yuan/kg to parity against TD. Major smelter silver ingots were quoted at parity or slight premiums against TD, but transactions near parity were difficult, with low downstream acceptance. In Shenzhen, a few non-delivery brands still maintained relatively large discounts. Overall, market consumption remained sluggish.