US Fed officials issue hawkish remarks in quick succession, silver prices consolidate mildly with improved trading [SMM Daily Review]

Published: Sep 22, 2026 10:24 (GMT+8)

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[SMM Daily Review: US Fed Officials Hawkish in Droves, Silver Prices Consolidate Mildly with Improved Trading] SMM, September 22: US Fed officials turned hawkish in droves, but as rate hike sentiment was gradually digested, silver prices consolidated mildly. Stockpiling ahead of the National Day holiday stimulated some consumption, spot trading was moderate, and prices leaned toward parity. The market lacked new macro direction.

Today, SMM's 10:00 am price for the SGE Ag (T+D) was 16,129 yuan/kg, with premiums quoted in the range of TD-5 to +10 yuan/kg and a weighted average price of 2.29 yuan/kg.

On the macro front, Fed officials made hawkish remarks yesterday: Musalem said "further rate hikes may be needed to curb inflation" and "better to hike now than later"; Goolsbee said clear action to hike rates is needed if inflation does not pull back. However, as the rate hike news was gradually digested, precious metals began a slow uptrend this week, with overall macro conditions offering little additional guidance for the market.

In the spot market, morning quotes in Shanghai were concentrated at a discount of 28-22 yuan/kg against the most-traded SHFE 2610 contract, with the SHFE-SGE T+D basis at 30 yuan/kg. Overall quote differences were relatively small today. Pre-National Day stockpiling by downstream buyers stimulated some consumption, and silver's consolidation gave the market some confidence. Transactions were moderate today, with transaction prices leaning toward parity.

Overall, rate hike sentiment has been gradually digested this week. The Fed continued its hawkish stance, but the market lacked new macro direction. Today's premium quote against the most-traded SHFE 2610 contract was a discount of 30 to 20 yuan/kg, with transactions concentrated in the SGE Ag (T+D) parity to slight premium range.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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