Today, SMM's 10:00 a.m. price for the Shanghai Gold Exchange Ag (T+D) is 11,990 yuan/kg, with the premium/discount range quoted at parity to +15 yuan/kg against TD, and a weighted average price of 7.5 yuan/kg; against the most-traded SHFE 2612 contract, it is at a discount of 30-15 yuan/kg.
On the macro front, international oil prices posted their biggest drop in three months, with WTI falling 6.53% to $95.42 and Brent falling 8.03% to $104.23. Both the US and Iran signaled openness to negotiations, and the sharp drop in oil prices eased the energy variable that had previously pushed up inflation expectations. The repair of the inflation premium, combined with short covering, drove a rebound in precious metals. Subsequent signals still need to focus on this week's US midterm elections and non-farm payrolls data for guidance.
In the spot market, the basis narrowed slightly to around 30-35 yuan/kg today. Traders remained firm in holding prices, with offers on the high side. Morning offers in Shanghai were concentrated at a discount of 20-15 yuan/kg against the SHFE 2612 contract. After silver prices rose, downstream purchasing sentiment was weak today, with actual transactions mainly driven by acceptance bill discounting demand. Some deals were concentrated at a small premium to TD, while some low-priced offers remained in the market.
Overall, driven by the pullback in oil prices and short covering, precious metals showed a corrective rebound; however, the spot side was suppressed by high prices, with overall sluggish trading, as the market awaited guidance from macro data.
![Platinum Rebounds Slightly in Early Trading, Spot Market Sees Moderate Transactions [SMM Daily Review]](https://imgqn.smm.cn/usercenter/BVoXk20251217171736.jpg)
