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].

规格 报价 报价类型 交货地 交易商 品名:1#白银 ;牌号:IC-Ag99.99 ; 8157元/千克 市场价 上海 上海华通有色金属现货市场 品名:1#白银 ;牌号:IC-Ag99.99 ; 8190元/千克 市场价 上海 长江有色金属现货市场 品名:1#白银 ;牌号:IC-Ag99.99 ; 8187元/千克 市场价 上海 上海白银现货市场 品名:1#白银 ;牌号:IC-Ag99.99 ; 8207元/千克 市场价 上海 上海白银 数据显示，5月29日上海白银现货价格报价8187.00元/千克，相较于期货主力价格（8224.00元/千克）贴 水37.00元/千克。 （5月29日）全国白银价格一览表 5月29日，上期所沪银期货仓单录得1035919千克，较上一交易日增加29669千克；最近一周，沪银期货 仓单累计增加86722千克，增加幅度为9.14%；最近一个月，沪银期货仓单累计增加104595千克，增加 幅度为11.23%。 5月28日芝加哥商业交易所（CME）：白银期货成交量为45860手，较上个交易日减少21727手。未平仓 合约为148156手，较上个交易日增加601手。 分析观点： 宁证期货研 ...