Silver Futures Continued to Surge While Spot Market Consumption Remained Sluggish [SMM Daily Review]

Published: May 07, 2026 11:54 (GMT+8)

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Today, SMM quoted premiums of TD-20 to 0 yuan/kg for the SGE Ag(T+D), with an average of -10 yuan/kg. As news of US-Iran peace talks boosted silver futures to surge, downstream purchase willingness was low with a wait-and-see attitude prevailing. Some traders had not yet participated in quotations after the Labour Day holiday, and suppliers generally reported that transactions were quite difficult.

During the morning session in Shanghai, suppliers of national-standard silver ingots quoted mainstream quotations against TD at discounts of 20 yuan/kg to 0 yuan/kg. Some non-registered national-standard silver ingots deviated from mainstream quotations with discounts. Major smelter silver ingots were mostly quoted at TD discounts of 10 yuan/kg to parity, but transactions were difficult. Only some downstream enterprises made small purchases for rigid demand. In Shenzhen, a few non-delivery brands maintained larger discounts. The overall spot market remained sluggish today.

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