Silver prices hold up well, with the market focusing on tariff policies and macroeconomic data [SMM Weekly Review of Silver Market]

On the macro front, as the deadline for the temporary suspension of reciprocal tariffs approaches, uncertainties surrounding Trump's tariff policies may reignite market risk aversion. Additionally, the unexpectedly weak US ADP employment data and the near-collapse procedural vote on the "America Leads in Manufacturing Act" have sparked concerns about US debt sustainability. These developments triggered expectations of US dollar depreciation, weakening the US dollar index and providing significant support for gold prices. Silver prices first dipped then rebounded to rise slightly.

[Economic Data]

Bearish: US June ISM Manufacturing PMI at 49 (previous: 48.5, forecast: 48.8)

US EIA crude oil inventories for the week ending June 27: 3.845 million barrels (previous: -5.836 million barrels, forecast: -1.809 million barrels)

Bullish: US June ADP employment change: -33,000 (previous: 29,000, forecast: 95,000)

[Spot Market]Silver: Silver prices ended their previous corrective phase this week, fluctuating upward continuously. Mid-week economic data and concerns about US debt sustainability triggered risk aversion, bolstering bullish momentum for both gold and silver. Looking ahead, macro tailwinds may persist, potentially extending silver's bullish consolidation. In the domestic spot market, July industrial demand orders for silver remained weak, with smelters maintaining export expectations similar to June levels. During the week, the SHFE silver futures contract rollover shifted from the secondary contract to the October delivery. The spot-futures price spread between silver TD and the most-traded ag2508 futures contract held at 20 yuan/kg. Spot market suppliers maintained firm pricing, with Shanghai-area national standard silver ingot spot TD premiums quoted at 2-4 yuan/kg. On Thursday, a slight narrowing of the basis spread combined with weak consumption prompted aggressive price negotiations, prompting some suppliers to lower premiums to 1-2 yuan/kg against TD.

PV: This week's reference price ranges for solar cell rear-side silver paste stood at 5650-5737 yuan/kg; solar cell front-side finger silver paste at 8509-8640 yuan/kg; and solar cell front-side busbar silver paste at 8459-8590 yuan/kg.

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