Silver Prices Fluctuated with Narrowing Discount as Market Awaited Next Month's Consumption Guidance [SMM Daily Review]

Today, SMM's pricing based on the SGE Ag(T+D) at 10:00 AM was 18,388 yuan/kg, with premiums quoted at TD-20 to 0 yuan/kg, averaging -10 yuan/kg.

On the macro front, the US dollar and US Treasury yields stayed high, multiple central banks shifted toward hawkish policies, precious metals were notably disturbed by event-driven data, and silver exhibited greater short-term volatility elasticity.

Spot market, suppliers of national-standard silver ingots posted mainstream quotations at TD minus 10 yuan to parity. The month-end pattern of weak supply and demand persisted, though discount margins narrowed somewhat. Morning quotations in Shanghai were mainly concentrated around TD-10 yuan/kg. Some traders suspended offers due to invoice issues, while the opening of the export window this month drove smelter inventory to be cleared. Meanwhile, some downstream enterprises transacted at parity prices due to insufficient tax invoice input credit allowances. Discounts for non-delivery brands in other regions also narrowed, with limited circulation of low-priced supplies in the market.

Overall, silver prices saw a slight correction today, with the market still in a volatile and fluctuating pattern. Spot discounts narrowed, and the supply-demand dynamics were evolving toward a tight balance. Attention should still be paid to market consumption performance next month.