Today, SMM's 10:00 a.m. price for the Shanghai Gold Exchange Ag (T+D) was 14,564 yuan/kg, with premium/discount quotes ranging from TD-5 to +5 yuan/kg, averaging parity.
On the macro front, risks from the US-Iran military conflict remain unresolved, but the US has shown no willingness for peace talks. Yesterday's pullback in tech stocks did not form an uptrend. Precious metals were repeatedly disturbed by geopolitical risks, consolidating overall. The sustainability of the shift in market logic remains to be seen.
In the spot market, smelters showed a strong willingness to sell at month-end. Demand was affected by the off-season and expectations of stronger silver prices. Offers appeared slightly weak, and downstream transactions were mainly concluded through negotiation, with deals closed at near parity. In Shanghai, morning quotes were mainly in the range of TD parity to +5 yuan/kg. The spot-futures price spread narrowed today, and suppliers were more willing to offer. In Shenzhen, some national standard-grade cargoes were quoted around TD-5 yuan/kg to parity. Month-end rigid demand provided a floor, and while low-priced cargoes existed, they did not significantly disrupt spot trade. Today, the market's premium/discount quotes for the SHFE 2608 contract were at a discount of 25-15 yuan/kg, and for the most-traded SHFE 2610 contract, quotes were at a discount of 60 to 50 yuan/kg.
Overall, technically, precious metals maintained a mending posture, and there were no major shocks on the news front. Attention could be paid to changes in open interest on both domestic and overseas markets. In the spot market, smelters' monthly inventory pressure became evident, transactions recovered somewhat, and prices were near parity, but overall demand remained sluggish.
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