Shanghai silver futures surged in the latest session, with SHFE contracts climbing broadly across the curve as liquidity and positioning stayed concentrated in the front months. The day’s tape was defined by two signals moving in the same direction: sharply higher closes and a clear expansion in open interest, a combination that typically points to fresh risk being added rather than a simple unwind.
SHFE silver futures settle higher across the strip
The SHFE silver sheet for 2026-02-26 showed a coordinated advance from the near month through the main forward strip. The most-traded contract was ag2604, which closed at 23,029 RMB/kg versus a pre-settlement reference of 22,022 RMB/kg, a move of +1,007 RMB/kg (about +4.57%). The same contract settled at 22,467 RMB/kg, up +445 RMB/kg versus the pre-settlement reference.
Price action remained highly volatile intraday. In ag2604, the session high was 23,311 and the low was 21,780, producing an intraday range of 1,531 RMB/kg. Despite the swings, the contract closed well above its settlement and above the day’s mid-range, reflecting persistent dip-buying through the session.
Liquidity stays anchored in ag2604 and ag2606
Activity continued to concentrate where Shanghai silver typically discovers price. In ag2604, volume reached 413,159 contracts and open interest ended at 182,667, rising by +7,570 on the day. The next largest liquidity pocket sat in ag2606, which closed at 22,786 RMB/kg versus a pre-settlement reference of 21,752 RMB/kg, a gain of +1,034 RMB/kg (about +4.75%). Volume in ag2606 printed 272,487 contracts, while open interest rose by +12,976 to 149,845.
Notably, both of these contracts also finished the session above their official settlements. Ag2604 closed at a premium of +562 RMB/kg above its settlement (23,029 close versus 22,467 settle), while ag2606 closed +517 RMB/kg above its settlement (22,786 close versus 22,269 settle). That close-versus-settlement spread is consistent with strong late-session pricing and active mark-to-market dynamics.
Front-strip breadth points to a market-wide repricing
The rally extended beyond the two headline contracts. Ag2605 closed at 22,850 RMB/kg from a pre-settlement reference of 21,800, up +1,050 RMB/kg (about +4.82%), with a settlement of 22,320. Further along the curve, ag2608 closed at 22,699 RMB/kg from 21,632 (+1,067, about +4.93%) and settled at 22,155. The outer months also posted firm gains, with ag2612 closing at 22,637 versus 21,497 (+1,140, about +5.30%) and settling at 22,047.
The curve’s move was therefore not a single-contract story. Multiple maturities rose by roughly 4% to 5% on a close-versus-pre-settlement basis, indicating a broad repricing rather than a localized delivery-month distortion.
Total market activity and positioning
Across all listed SHFE silver maturities in the sheet, total volume reached 981,009 contracts, while total turnover was reported at 32,875,585.37. Aggregate open interest ended at 523,057, increasing by +28,819 on the day. That rise in open interest alongside higher prices supports the read-through that new positions were established during the advance, especially given the scale of participation in the April and June contracts.
There were also clear differences under the surface. For example, ag2603 closed at 23,200 with open interest of 9,740, but open interest fell by -1,902 on the day, suggesting that some exposure was being rolled or reduced in the nearest month even as the broader complex gained altitude.
Contract calendar and delivery window
Shanghai silver contracts operate on a defined listing-to-delivery schedule. The contract calendar indicates that ag2604 has an expiration date of 2026-04-15, with delivery beginning 2026-04-16 and ending 2026-04-17. For ag2606, expiration is 2026-06-15, with delivery running from 2026-06-16 to 2026-06-17. As the front month approaches its delivery window, liquidity often migrates toward the next heavily traded contract, which is consistent with the large footprint already visible in ag2606.
SHFE silver is quoted in RMB per kilogram and follows standardized exchange rules and delivery specifications published by the Shanghai Futures Exchange.
Spot silver in China
In the spot market, silver traded near CN¥619.57 per troy ounce, up roughly +2.84% on the day. The same feed showed a 30-day move of -18.40% (a decline of -135.88 in the same unit series). Spot references are typically quoted as currency per troy ounce, while SHFE futures are quoted as RMB per kilogram, so absolute price levels are not directly comparable without unit conversion and timing alignment. Directional moves, however, can still be evaluated side by side for momentum and sentiment.
The combination of higher SHFE closes, expanding open interest, and elevated intraday ranges leaves Shanghai silver in a high-energy state. If open interest continues to build while settlements remain firm, the front months could stay in control of price discovery, with volatility likely to remain a defining feature of the tape.
