Silver Prices Remain Under Pressure, Spot Market Overall Still Leans Cautious [SMM Daily Review]

Today, SMM's 10:00 AM pricing for SGE Ag(T+D) was 17,676 yuan/kg, with premiums quoted in the range of TD-15 to 0 yuan/kg, averaging -7.5 yuan/kg.

Data side, US May ADP employment exceeded expectations, with private sector payrolls increasing by 122,000 in May, the largest monthly gain since January last year. Geopolitics side, US-Iran conflict intensity escalated, Lebanon rejected part of Israel's ceasefire proposal, and Iran's foreign minister stated that if Israel invaded Beirut, Iran would resume war.

Spot market side, silver prices remained under pressure amid macro uncertainties. Today's discount range was largely consistent with yesterday's. Transactions for national-standard silver ingots were mostly concentrated in the TD-15 to 0 yuan/kg range. Overall offers leaned toward higher premiums, but apart from some small-volume deals, transactions at higher premium quotes were relatively difficult. In the Shanghai region, early morning quotes were mainly concentrated in the range of TD-15 yuan/kg to slight premiums. Suppliers had limited willingness to sell at low prices, and market quotes gradually moved toward parity.

Overall, silver prices were under pressure in the short term, the sideways-moving pattern remained unchanged, and the market remained cautious amid repeatedly swinging sentiment.