Updated for Asia markets — spot snapshot reflects the latest available print around the New York morning window; SHFE futures table uses the exchange quotation dated Trading Day:2026-02-04 .
China silver spot snapshot: ~CNY 601.58 per troy ounce (mid), up about +65.56 (+12.23%) on the day.
Unit clarity: 1 troy ounce = 31.1035 grams. The same spot snapshot implies ~CNY 19.36 per gram and ~CNY 19,355.7 per kilogram.
Silver in China finished sharply higher even as the domestic market wrestled with the aftershocks of a sudden revaluation at UBS SDIC’s silver futures fund — a move that triggered a record one-day drop in the product’s net asset value and sparked loud investor pushback.
The episode has thrown a harsh spotlight on the gap between Chinese price-limited futures and the global silver curve. Shanghai-listed silver contracts are constrained by daily limits, while overseas benchmarks can move freely — a mismatch that becomes especially painful when prices fall quickly and local settlement signals lag reality.
UBS SDIC said it changed its valuation method to better reflect “fair value” after global futures declines outpaced what Shanghai contracts could show in a single session. The adjustment landed hardest on retail holders who tried to redeem after the shift took effect, with many arguing the reset crystallized losses at the worst possible moment.
On the Shanghai Futures Exchange, the most active silver contract in the latest SHFE quotation was AG2604 with volume of 931,055 lots, illustrating how quickly liquidity has concentrated into the front curve as traders reposition. For contract details, product specs and market guidance, see the exchange’s official silver page here.
Below is the full mobile-friendly SHFE silver futures table from your Excel (Tab 1 / Sheet1). SHFE silver prices are quoted in RMB per kilogram, and the table includes pre-settlement, intraday range, close/settlement, day-to-day changes, volume, turnover, and open interest.
The numbers underline why valuation disputes are flaring. When global silver sells off faster than Shanghai can reprice, the “true” value of a futures-backed fund becomes a moving target — and the gap between quoted domestic prices and executable global levels can translate into sudden, painful resets.
In practical terms, Tuesday’s tape looked like a market trying to rebuild a floor after a cliff-edge move: heavy front-month concentration, persistent intraday swings, and open interest still large enough to keep liquidity deep — but not immune from forced adjustments if volatility stays extreme.
For traders and everyday investors alike, the next signal to watch is whether Shanghai futures can trade in a tighter relationship with overseas pricing. If they can, valuation becomes smoother. If they can’t, more products may face the same hard choice UBS SDIC made — and the same public backlash that followed.
