[SMM Daily Commentary: Silver Price Corrective Rebound, Spot Silver Transactions at Parity Await Guidance] SMM June 12 - The US-Iran tensions have eased, and silver prices rebounded slightly. Affected by the "rush to buy amid continuous price rise and hold back amid price downturn" mentality, transactions in the spot market were concentrated at parity. Going forward, attention needs to be paid to downstream purchase willingness.

[SMM Daily Review: Silver Prices Under Pressure with Center Shifting Downward, Month-End Spot Supply-Demand Both Weak] SMM reported on May 28 that, affected by the escalation of US-Iran tensions and the rise of the US dollar, silver prices came under pressure today. Meanwhile, at the month-end, the spot market was constrained by invoice limitations with fewer offers, presenting an overall pattern of weak supply and demand on both sides and sluggish trading.

[SMM Daily Review: Silver Price Rebound Narrows Spot Discounts, Weak Consumption Relies on Institutional Support] SMM reported on May 27 that recovering macro sentiment drove a rebound in silver prices, and spot discounts narrowed. However, consumption support remained insufficient, with transactions largely relying on financial institutions to provide a floor.

[SMM Daily Comment: Silver Prices Rebounded Slightly, Month-End Trading Sluggish] SMM reported on May 25 that easing macro sentiment drove silver prices to rebound, spot discounts narrowed, but month-end buying and selling were inactive, and trading remained sluggish.

[SMM Precious Metals Market Flash] On Monday (May 25), at the opening of Asian markets, precious metals prices opened significantly higher with a gap. According to media reports outside China, the US and Iran were gradually moving closer to reaching an agreement that would facilitate the reopening of the Strait of Hormuz. Influenced by this development, market concerns over inflation eased, driving precious metals higher.

Lead concentrate TCs remained largely stable this week. The average weekly TC for domestic Pb50 was reported at 300 yuan/mt Pb, while the average weekly TC for imported Pb60 stood at -$135/dmt. Smelters continued to quote a mainstream range of -$150 to -$130/dmt. Due to the persistent decline in the SHFE/LME lead price ratio, losses on imported lead concentrates widened, leaving smelters with little willingness to negotiate or purchase. As a result, actual transactions for imported ore were thin. This week, the biggest surprise in the precious metals market came from Peru’s emergency energy decree, which triggered wild swings in silver prices. However, the volatility in precious metals prices has yet to feed through to TCs for imported concentrates or the payable indicator for silver in lead concentrates. Some smelters indicated that no supply disruption is expected in the near term for lead concentrates sourced from Peru. The payable indicator for silver remained steady, mainly because buyers and sellers are uncertain about the sustainability of the rebound in silver prices, making it easier to maintain consensus at current levels. Although zinc concentrate TCs saw sharp cuts in May due to a significant rise in sulphuric acid prices, lead concentrate TCs were largely unchanged over the same period. Several mining companies indicated that lead concentrate TCs have almost no room left to decline.