SHFE Silver Main Contract Sees Discount, Basis with SGE T+D Widens Slightly

【SMM Precious Metal Express】Middle East tensions have escalated sharply. Iran's Revolutionary Guard announced the closure of the Strait of Hormuz, while the US military stated the southern route remains "open." The US carried out four rounds of airstrikes on Iran within a week, and Iran claimed to have destroyed multiple US military facilities in the Middle East.

【SMM Precious Metal Express】The Fed's semi-annual monetary policy report showed that inflation accelerated further in the spring, with headline PCE rising to 4.1% year-on-year, driven primarily by tariffs, energy, and AI demand. The Fed stated it is prepared to use all available tools to achieve its dual mandate.

H1 2026 silver saw a sharp spike to 30,900 yuan/kg in January, then plunged 55% to 13,816 yuan/kg by June, driven by squeezed spot liquidity and Fed policy reversal from easing to hawkish. Supply grew steadily; PV silver demand fell 21% YoY. H2 outlook: wait for inflation signals and Fed pivot, silver likely remains under pressure.