Shanghai spot silver strengthened in the latest 24-hour pricing window, with the benchmark quoted around CNY 600.6 per troy ounce, up roughly +2.77% on the day. The move showed up across common conversions as well, with spot silver near CNY 19.31 per gram and approximately CNY 19,309 per kilogram.
Unit lock: Spot silver is referenced here as CNY per troy ounce (Feinunze) using the standard conversion 1 troy ounce = 31.1034768 grams. The per-kilogram spot figure is consistent with that conversion and the per-gram reading.
Shanghai spot silver price levels
On the ounce quote, silver held near CNY 600.6/oz with a daily gain of about +16.2 CNY. The matching conversions imply roughly CNY 19.31/g and CNY 19,309/kg, keeping the cross-unit math tightly aligned rather than sending mixed signals.
Recent performance on the CNY spot series still shows a wide range depending on the lookback window. The latest daily gain contrasts with a 30-day change near -27.25%, while longer windows remain strongly positive, including roughly +111.00% over six months and about +149.71% over one year.
SHFE silver futures move: heavy selling across the curve
On the futures side, the Shanghai Futures Exchange silver strip (contract code ag) posted a broad pullback on the 2026-02-24 session. The sharpest liquidity and positioning focus sat in ag2604, the contract that dominated both turnover and open interest.
The most active contract ag2604 traded down sharply, ending around 19,782 RMB/kg with a settlement near 19,786 RMB/kg. The day’s move amounted to roughly -1,155 RMB/kg, with the session ranging from a high near 20,819 to a low around 18,930.
Liquidity was concentrated decisively in that April contract: volume of about 556,455 lots and turnover near RMB 165.15B, while open interest stood around 181,220. That combination made ag2604 the clearest venue for price discovery in this session.
Spot vs futures: the unit-consistent comparison
Because SHFE silver is quoted in RMB/kg, a clean spot comparison is easiest after converting futures into an ounce equivalent using the same 31.1034768g standard. At the ag2604 settlement of 19,786 RMB/kg, the implied level is roughly CNY 615.4 per troy ounce.
Against spot near CNY 600.6/oz, that points to an indicative futures premium of about CNY 14.8/oz, or roughly +2.47%. In practice, that spread can reflect carrying costs and hedging demand, with the most active month often pricing slightly differently than the spot snapshot.
Front month distortion: ag2602 hits expiry
The nearby contract ag2602 is pinned to its expiry boundary in the contract calendar. That matters because the last days can show unusual price behavior and thinner volume. In the session data, ag2602 printed a last price near 21,189 RMB/kg on very light volume, while liquidity clearly sat further out the curve in ag2604.
For official market reference, SHFE contract quotations and market pages can be cross-checked via the Shanghai Futures Exchange.
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