Signs of weakening US economic data have become increasingly evident, with inflation rebounding and the job market cooling. Coupled with the uncertainty of tariff policies, market expectations of a US economic recession or "stagflation" have further intensified. Additionally, the US has suspended military aid to Ukraine, while Trump has threatened to impose more sanctions on Russia until a peace agreement is reached. This has heightened market risk aversion sentiment, further supporting precious metal prices.
【Economic Data】
Bullish: The US February seasonally adjusted CPI monthly rate was 0.2%, lower than expectations and the previous value; the US February seasonally adjusted CPI monthly rate was 0.2%, lower than expectations and the previous value; US crude oil inventory for the week ending March 7 decreased by 1.448 million barrels, lower than expectations and the previous value.
Bearish: Initial jobless claims for the week ending March 8 were 220,000, lower than expectations and the previous value.
【Spot Market】
Silver: This week, the premiums and discounts for self pick-up tonnage national standard spot silver ingots in the Shanghai region were quoted at -4 yuan/kg to -1 yuan/mt, with large manufacturers quoting premiums and discounts at 0-2 yuan/kg. In the Shenzhen region, national standard premiums and discounts were quoted at 2-3 yuan/kg. This week, macro bullish factors continued to ferment, pushing silver prices to a new high in 2025. Market traders were cautious about high prices, and some suppliers showed intentions to deliver. During the week, transactions in the Shanghai region were moderate. After silver prices rose, market transactions turned sluggish.
PV: This week, the reference average price for solar cell rear-side silver paste was 5,221-5,455 yuan/kg; the reference average price for solar cell front-side finger was 7,866-8,217 yuan/kg; and the reference average price for solar cell front-side busbar was 7,816-8,167 yuan/kg. This week, silver prices increased, downstream production resumed as expected, with only a small amount of just-in-time procurement. Some enterprises indicated that non-essential inventory replenishment would not be conducted, and market sentiment remained cautious.
》View SMM Precious Metals Spot Prices
