国金期货：

Report Overview - Research Variety: Shanghai Silver Futures [1] - Report Date: September 8, 2025 - Report Cycle: Weekly - Researcher: Cao Baiquan [1] 1. Futures Market 1.1 Contract Price - The Shanghai Silver futures price showed a strong trend during the week. The closing price of the main contract, Shanghai Silver 2510, was 9,812 yuan/kg on Friday afternoon at 3 p.m., with a maximum price of 9,965 yuan/kg and a minimum price of 9,385 yuan/kg [2] 1.2 Variety Market - The report provides a detailed table of the Shanghai Silver futures market, including contract details such as opening price, high price, low price, closing price, change, open interest, and trading volume for different delivery months from ag2509 to ag2608. The total trading volume for all contracts was 6,022,014, and the total trading value was 88.29 billion yuan [5] 1.3 Related Market - In the Shanghai Silver options market, the call option contracts with strike prices between 9,800 yuan/kg and 10,000 yuan/kg had the highest trading volume and open interest at the 10,000 yuan/kg strike price [6] 2. Spot Market 2.1 Spot Market Conditions - According to Wind data, the basis of the active contract, Shanghai Silver 2510, remained relatively stable over the past five trading days, with a maximum of -21 yuan/kg and a minimum of -44 yuan/kg. The basis on Friday was -24 yuan/kg [8] 3. Influencing Factors 3.1 Important Events - US President Trump stated on Friday that "substantial" tariffs on semiconductors are imminent. He also mentioned discussing tariff issues with some technology leaders at a dinner and reiterated plans to impose tariffs on companies not entering the US [9] 3.2 Macroeconomic Analysis - Geopolitical tensions are high, with the Russia-Ukraine war continuing, the Israel-Houthi conflict expanding, and US military operations near Venezuela. Market expectations for a Fed rate cut in September are rising, but Fed Chair Powell signaled a cautious approach. US economic data shows an increase in initial jobless claims to 237,000 and a decline in the ISM output index to 47.8 [10] 4. Market Outlook - Silver prices strengthened this week. Lower-than-expected US non-farm payrolls in August, rising unemployment, and expectations of a Fed rate cut drove up precious metal prices. Geopolitical tensions and China's central bank gold purchases also supported the upward trend [11]