China’s domestic silver futures are printing eye-catching levels, with front-month prices near ¥31,000 per metric ton and a steep premium across later deliveries, even as global spot benchmarks remain under pressure.
SHFE Silver Feb ’26 (XOG26)
¥30,952/ton
Session range
¥28,000–¥33,488
Wide intraday swing
52-week range
¥7,615–¥33,488
Five-day move
+27.6%
RSI signal
90+ Overbought
Futures curve (benchmarks)
~¥8,149/kg → ~¥22,752/kg
Feb ’26 through Jan ’27 contracts
Shanghai’s deliverable futures market is repricing aggressively across 2026–27 deliveries, while international spot benchmarks remain comparatively subdued. Contract specifications and benchmark data are published by the Shanghai Futures Exchange.
The rally is concentrated in near-dated contracts, where liquidity and positioning can amplify moves as delivery approaches. The February contract has traded near ¥31,000 per ton, while benchmark prices rise steadily across later 2026 and early-2027 delivery months — a structure consistent with elevated carrying costs and firm forward demand.
This configuration does not automatically imply a physical shortage, but it does reflect a market assigning a premium to future availability. When volatility rises, the gap between Shanghai’s domestic futures pricing and global benchmarks can widen quickly, driven by local delivery mechanics rather than international spot flows.
SHFE vs COMEX vs spot: what each price represents
| Market | Unit and structure | How to read it |
|---|---|---|
| SHFE Silver Futures (Shanghai) | CNY per kg (benchmarks) and CNY per ton on some platforms | Best reflection of China’s domestic hedging, inventory, and delivery economics |
| COMEX Silver Futures (US) | USD per troy ounce | Global futures benchmark, not directly interchangeable with SHFE |
| Spot Silver (Global) | USD per ounce (often FX-converted) | Reference price that may diverge from deliverable domestic markets |
The takeaway is straightforward: Shanghai’s silver futures are not a different quote of the same market, but a distinct pricing arena shaped by domestic demand, financing conditions, and physical delivery rules — factors that can move faster than global spot benchmarks adjust.
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Reader question: Is Shanghai’s silver futures premium signalling a deeper domestic tightness — or does it fade if volatility cools?
Unlike FX-converted spot quotes, SHFE silver futures embed local delivery rules, financing conditions, and inventory economics.
Note: Some platforms display SHFE prices per ton while benchmark tables list prices per kilogram. Both refer to the same futures market and should not be compared directly to FX-converted spot prices without unit alignment.
