SMM's 10:00 am Ag (T+D) price against the SGE was 15,220 yuan/kg today, with premiums quoted from parity against the T+D to +20 yuan/kg, averaging +10 yuan/kg.
On the macro front, the combination of geopolitical risks and a weaker US dollar created short-term dual bullish factors. Gold's weekly chart stabilized, while silver showed stronger elasticity. However, the US dollar and bond yields remained high, capping rebound space, and sustainability awaited observation. This week, attention was on the US ISM Non-Manufacturing PMI and Fed officials' speeches.
In the spot market, downstream demand remained weak after the silver price rebound, with market offers maintaining slight premiums. Early-morning quotes in Shanghai were mainly concentrated at T+D +5 to +20 yuan/kg. Some suppliers offered higher, but buying interest was weak, with deals skewed toward the lower end. In Shenzhen, most offers centered around T+D parity to +10 yuan/kg, with limited availability of low-priced cargoes. Premiums against the most-traded SHFE contract 2608 were quoted at a discount of 30-20 yuan/kg today.
Overall, expectations for US Fed interest rate hikes cooled, and inflation risks pulled back. The short-term precious metals rebound momentum was healthy. Market premiums held steady for half a month, deals overall favored the lower end, and spot trade operated in parity to slight premium territory.
![Platinum prices were in the doldrums intraday, while spot market premiums remained sluggish in trading [SMM daily review]](https://imgqn.smm.cn/usercenter/yhuhG20251217171735.jpg)
