Core Viewpoint - The precious metals market experienced significant fluctuations last week, with key influencing factors being US-EU tariff negotiations, Federal Reserve policy expectations, and US economic data [1][3]. Market Overview - As of July 28, the silver price in Shanghai varied across different trading platforms, with prices ranging from 9142 to 9184 CNY per kilogram [1]. - The main silver futures contract on the Shanghai Futures Exchange closed at 9212.00 CNY per kilogram, reflecting a decline of 1.71%, with a daily trading volume of 1,203,307 contracts [1]. Trading Data - On July 25, the silver futures warehouse receipts on the Shanghai Futures Exchange totaled 1,187,254 kilograms, a decrease of 1,467 kilograms from the previous trading day [2]. - On July 24, the Chicago Mercantile Exchange reported a silver futures trading volume of 56,012 contracts, down by 13,707 contracts from the previous day, with open interest decreasing by 301 contracts to 173,958 [2]. Analytical Insights - According to research from Shenwan Hongyuan Futures, negotiations are peaking ahead of new tariff deadlines, with potential preliminary agreements on a 15% tariff between the US and EU, leading to reduced risk aversion [3]. - Despite pressure from President Trump on the Federal Reserve for interest rate cuts, expectations for a July rate cut remain low, influenced by a rebound in the US Consumer Price Index (CPI) [3]. - The overall economic data from the US indicates that the impact of tariff policies may be less severe than previously feared, although future effects could gradually increase [3]. - The implementation of the "Big and Beautiful" plan is expected to further elevate US fiscal deficit expectations, while the People's Bank of China continues to increase its gold reserves, providing long-term support for gold prices despite high levels causing upward movement to be hesitant [3].
美国CPI有所反弹 白银或延续震荡偏强表现
Jin Tou Wang·2025-07-28 08:56