Silver Prices Under Pressure Again, Spot Market Slightly Recovered [SMM Daily Review]

Today, SMM's pricing for the SGE Ag(T+D) at 10:00 was 18,071 yuan/kg, with premiums quoted at TD -30 to -10 yuan/kg, averaging -20 yuan/kg. Precious metals futures came under pressure again today. Geopolitical tensions in the Middle East remained volatile with slow progress in US-Iran negotiations, global crude oil inventories were critically low with elevated oil prices, and combined with rising rate hike expectations and continued rise in US Treasury yields, these factors weighed on precious metals valuations. Spot market side, mainstream quotations from national-standard silver ingot suppliers were quoted at premiums of -30 to -10 yuan/kg against TD. Most suppliers in Shanghai quoted premiums unchanged from yesterday. Suppliers reported that with silver prices continuing to decline recently, end-use demand rebounded slightly. Some delivery brand silver ingot suppliers raised quotations slightly and held back from selling in a wait-and-see stance, but transactions at higher premiums were difficult, and the transaction center still leaned toward the lower end of quotations. Non-delivery brands in Shenzhen maintained large discounts deviating from mainstream quotations. Investment demand also recovered slightly, with some jewelers reporting more purchases at the Shuibei market. Overall transactions in the silver spot market recovered slightly today.