Today's SMM 10:00 AM fixing for the SGE Ag (T+D) was 13,861 yuan/kg, with a premium range quoted at parity against the T+D contract to +20 yuan/kg, averaging +10 yuan/kg, still unchanged from the previous trading session.
On the macro front, the US PCE price index recorded an annual rate of 4.1% overnight, while the core PCE price index recorded 3.4%, matching market expectations. This, combined with remarks by the Fed's Williams, eased concerns over Fed rate hikes, and precious metals rebounded slightly overall.
In the spot market, downstream consumption was moderate after silver prices trended lower throughout the week. Morning offers in the Shanghai region were mainly concentrated at T+D parity to +20 yuan/kg. Trader quotes leaned towards the high end, while downstream enterprises negotiated procurement based on price, with transactions closing more at the mid-to-low end. Approaching month-end, suppliers had limited willingness to sell, and some suppliers who had cleared inventory suspended offering. Low-priced supply in other regions was largely cleared. Quotes in the Shenzhen area mostly centered around a premium of 10 yuan/kg against the T+D contract. Today, the market quoted a discount of around 35 yuan/kg against the most-traded SHFE 2608 contract. Recently, overall premiums in the silver spot market have been relatively stable, with trading volume recovering slightly as absolute prices stayed at low levels.
![Platinum hovers at lows, consumption in the spot market is moderate [SMM Daily Review]](https://imgqn.smm.cn/usercenter/ipCjz20251217171734.jpeg)
