Today's SMM 10:00 am fixing price for Ag (T+D) on the Gold Exchange was 13,926 yuan/kg, with premiums quoted in the range of parity against T+D to +20 yuan/kg, averaging +10 yuan/kg.
On the macro front, macro headwinds coupled with weakening industrial demand continued to weigh on precious metals valuations, sending silver further lower. The market has lacked clear bullish signals recently, keeping sentiment cautious as it awaits direction from the upcoming US non-farm payrolls data this week.
In the spot market, month-end conditions showed a supply-demand lull. Most cargoes had been largely cleared, with some smelters directing this month’s output to export channels, while suppliers showed low willingness to sell, keeping offers high or simply not quoting. Consumption side, overall activity stayed in the doldrums, with sporadic enquiries from buyers needing to top up input credits due to invoicing issues, but actual transactions were thin. The tug-of-war between sellers and buyers persisted, leaving premiums relatively stable. Early-morning quotes in Shanghai were mainly parity against T/D to +20 yuan/kg, with traders leaning towards the higher end, but subdued buying interest pushed deals towards the lower end. In other regions, low-priced cargoes were mostly cleaned out, though a trickle remained; Shenzhen quotes hovered mostly around parity to +10 yuan/kg. Today’s premiums against the most-traded SHFE 2608 contract were quoted at a discount of 40-25 yuan/kg.
Overall, precious metals remain under pressure in the short term, with weak physical consumption. Future price trends will hinge on the recovery of demand next month.
![Upside room for precious metals is limited, and consumption in the platinum spot market is weak [SMM daily review]](https://imgqn.smm.cn/usercenter/fNuSg20251217171735.jpg)
