Silver Prices Moved Sideways with Widening Spot-Futures Price Spread, Spot Market Trading Was Thin [SMM Daily Review]

Today, SMM quoted premiums for the SGE Ag(T+D) at a range of TD -20 to 0 yuan/kg, with an average of -10 yuan/kg. The spot-futures price spread between TD and the most-traded SHFE silver ag2606 futures contract widened, leading to greater divergence in market quotations. Geopolitical disturbances resurfaced last night as the US and Iran exchanged fire again in the Strait of Hormuz, causing silver to retreat after rapid rise. Downstream purchase willingness remained low, and most suppliers reported poor transactions. During the morning session in Shanghai, mainstream quotations from suppliers of GB-standard silver ingots were quoted at premiums of -20 to 0 yuan/kg against TD. Some non-registered GB-standard silver ingots deviated from mainstream quotation premiums. Major smelter silver ingot quotations were mostly at parity with TD as the basis widened, but downstream acceptance was low with only a small volume of transactions. In Shenzhen, a few non-delivery brands maintained larger discounts. Overall spot market transactions remained sluggish today.