Silver Prices Stopped Falling and Rebounded, Spot Market Trading Returned to Subdued Levels [SMM Daily Review]

Today, SMM's 10:00 AM pricing for the SGE Ag(T+D) was 18,714 yuan/kg, with premiums quoted at TD -40 to -20 yuan/kg, averaging -30 yuan/kg. Silver futures stopped falling and rebounded today, mainly boosted by easing Middle East geopolitical tensions and a sharp drop in oil prices, while medium- and long-term US Treasury yields pulled back. Spot market side, suppliers of national-standard silver ingots had mainstream quotations quoted at premiums of -40 to -20 yuan/kg against TD. Most suppliers in Shanghai reported that downstream consumption was sluggish amid the silver price rebound. Some downstream buyers indicated they had already purchased substantial volumes as silver prices declined in previous days and had no stocking demand for now. Some delivery brand silver ingot suppliers had low willingness to quote due to the widening spot market transaction discounts today, resulting in a wider price spread between high and low quotations. Transaction prices still leaned toward the lower end of mainstream quotations, and bank floor-price purchases once again became the mainstream choice. In Shenzhen, non-delivery brand quotations maintained large discounts deviating from mainstream quotations. Overall, today's silver spot market trading was extremely sluggish.