Overview:Today, SMM's 10:00 AM price for the Shanghai Gold Exchange Ag (T+D) was 13,892 yuan/kg, with premiums quoted in the range of TD-5 to +10 yuan/kg and a weighted average price of 1.6 yuan/kg; against the most-traded SHFE 2612 contract, it was at a premium of -45 to -30 yuan/kg. In the spot market, trading sentiment was poor today. On one hand, overall end-user purchasing sentiment was sluggish. After silver prices stabilized following last week's sharp decline, large-scale transactions were concentrated in the mid-to-late week. Today, silver prices rebounded slightly, and downstream buyers largely shifted to a wait-and-see stance. On the other hand, in early trading, the basis between TD and the SHFE 2612 contract widened slightly, fluctuating within the 35-45 yuan/kg range. Suppliers quoted at relatively high levels, with early morning quotes in Shanghai concentrated at a premium of -30 yuan/kg against SHFE 2612, reflecting strong reluctance to sell. The gap between buyers' and sellers' quotes and psychological price levels was significant, leading to poor actual transactions, which were mainly concentrated near TD parity, with some national standard cargoes at slight premiums. Overall, macro bullish drivers were limited, and futures lacked momentum for a rebound; in the spot market, end-user wait-and-see sentiment was strong, and the tug-of-war between suppliers holding prices firm and downstream buyers pushing for lower prices intensified, resulting in overall sluggish trading.
Upstream: actual transactions saw major producer brands at parity and national-standard brands at discounts, with market deals getting progressively lower
Trader: quoted -25 yuan against the 2612 contract, a price that was still negotiable
Upstream: a major producer brand quoted -30 yuan against the 2612 contract, with no deals concluded
Upstream: quoted -45 yuan against the 2612 contract, with actual transactions being mediocre
Trader: A major producer brand quoted -30 yuan against the 2612 contract, while another major producer brand quoted -27 yuan against the 2612 contract