Silver Price Rebound Narrows Discount, Weak Consumption Relies on Institutional Support [SMM Daily Review]

Today, SMM's pricing for SGE Ag(T+D) at 10:00 was 18,694 yuan/kg, with premiums quoted at TD-30 to 0 yuan/kg, averaging -15 yuan/kg.

On the macro front, progress in US-Iran negotiations improved market risk appetite, while a weaker US dollar combined with lower inflation expectations provided modest support for precious metals prices, and silver prices rebounded.

Spot market side, suppliers of national-standard silver ingots had mainstream quotations quoted at premiums of -20 to -10 yuan/kg against TD. Market offer prices were slightly raised. Early morning quotations in Shanghai were concentrated in the TD-25 to 0 yuan/kg range. Recently, some banks slightly raised their purchase prices, and suppliers mostly preferred to trade with banks as a floor, with offer prices generally on the high side. However, the overall consumer market showed no significant improvement, and downstream buyers still mainly engaged in negotiated transactions. In other regions, discounts for non-delivery brands narrowed somewhat, with fewer low-priced supplies available.

Overall, today's silver offer prices were pushed higher at the upper end, but consumption-side support remained weak, and market transactions still mainly relied on financial institutions providing a floor.