Today, SMM's quotations for premiums against the SGE Ag (T+D) ranged from TD-30 to -10 yuan/kg, with an average of -20 yuan/kg.
On the macro front, Peru declared a state of emergency due to an energy crisis. As one of the world's major silver producers, mining operations heavily rely on stable energy supply. The energy shortage is expected to reduce global marginal silver supply, which, combined with current low inventory levels, further pushed up silver prices.
In the spot market, higher absolute prices further suppressed market demand. Suppliers generally reported that transactions were worse than yesterday, with downstream buyers having greater room for price negotiation. In the Shanghai area during the morning session, mainstream quotations for national standard silver ingots against TD were -20~-10 yuan/kg, but the transaction center leaned more toward the lower end. Meanwhile, in the Shenzhen area, non-delivery brands maintained larger discounts, with market transaction discount prices exploring further downward. Overall, the spot market remained in the doldrums.
![Peru Energy Crisis Triggers Precious Metals Rally, Platinum Price Sees Notable Intraday Gains with Downstream Buyers Mostly on the Sidelines [SMM Daily Review]](https://imgqn.smm.cn/usercenter/VphiQ20251217171736.jpg)
