Shanghai silver futures saw aggressive liquidation on February 3, with prices across the curve pressured sharply lower as traders unwound positions at scale. Data from the Shanghai Futures Exchange showed total open interest dropping by 58,754 contracts in a single session, confirming that the move was driven by risk reduction rather than fresh speculative selling.
The most-actively traded April contract dominated market activity, accounting for more than 70% of total volume. The contract opened at ¥22,000 per kilogram, failed to extend higher, and slid to an intraday low of ¥20,600, marking a wide ¥1,400 trading range that reflected heightened volatility and weak conviction among longs.
| Delivery Month |
Pre-Settle | Open | High | Low | Close | Settle | Chg 1 | Chg 2 | Volume | Turnover (¥) |
Open Interest |
OI Change |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2602 | 26,616 | 21,337 | 22,031 | 21,292 | – | – | – | – | 1,606 | 51,636.10 | 11,566 | -300 |
| 2603 | 26,569 | 21,300 | 22,500 | 21,255 | – | – | – | – | 8,622 | 277,831.87 | 19,263 | -513 |
| 2604 | 25,750 | 22,000 | 22,000 | 20,600 | – | – | – | – | 425,492 | 13,361,187.36 | 221,767 | -30,760 |
| 2605 | 25,352 | 20,535 | 21,350 | 20,535 | – | – | – | – | 28,907 | 899,435.56 | 25,181 | -3,876 |
| 2606 | 24,978 | 21,002 | 21,400 | 20,232 | – | – | – | – | 106,145 | 3,251,269.66 | 140,056 | -16,288 |
| 2607 | 24,607 | 20,701 | 20,800 | 19,931 | – | – | – | – | 2,480 | 74,734.05 | 16,454 | -269 |
| 2608 | 24,579 | 20,000 | 20,575 | 19,908 | – | – | – | – | 14,369 | 430,675.45 | 53,385 | -2,111 |
| 2609 | 24,500 | 20,657 | 21,000 | 19,845 | – | – | – | – | 1,730 | 52,108.59 | 14,007 | -488 |
| 2610 | 24,295 | 20,510 | 20,600 | 19,678 | – | – | – | – | 4,631 | 138,440.66 | 31,036 | -1,870 |
| 2611 | 24,301 | 20,507 | 20,855 | 19,683 | – | – | – | – | 604 | 18,206.92 | 13,452 | -212 |
| 2612 | 24,139 | 20,500 | 20,600 | 19,552 | – | – | – | – | 6,841 | 202,358.61 | 32,895 | -1,474 |
| 2701 | 24,199 | 20,020 | 20,288 | 19,601 | – | – | – | – | 1,137 | 33,645.72 | 11,089 | -593 |
| Total | 602,564 | 18,791,530.56 | 590,151 | -58,754 | ||||||||
Trading volume in the April contract reached 425,492 lots, while open interest plunged by 30,760 contracts to 221,767. The combination of falling prices, heavy turnover and a sharp decline in positions points squarely to long liquidation, a pattern typically seen when traders exit crowded trades following rapid price swings.
Pressure was visible across the forward curve. The June contract traded between ¥21,002 and ¥20,232, while open interest dropped by 16,288 contracts. Even thinner contracts further out the curve recorded net declines in positions, reinforcing the view that risk was being trimmed broadly rather than rotated between maturities.
In total, SHFE silver futures turnover exceeded ¥18.7 billion on the day, underscoring how quickly sentiment shifted. For global metals traders, the Shanghai move carries added weight as it often feeds into pricing expectations for COMEX silver and physically backed ETFs, especially during periods of cross-market stress.
While silver retains longer-term support from industrial demand themes, Tuesday’s session highlighted the market’s vulnerability when speculative positioning becomes stretched. Until open interest stabilizes and intraday ranges narrow, traders are likely to remain cautious, keeping volatility elevated in the near term.
| Feature | COMEX Silver | SHFE Silver |
|---|---|---|
| Exchange | New York (CME Group) | Shanghai |
| Currency | USD per troy ounce | CNY per kilogram |
| Contract Size | 5,000 troy ounces | 15 kilograms |
| Primary Participants | Funds, banks, global hedgers | Chinese industrials, traders |
| Key Driver | Macro, rates, USD, ETFs | Physical demand, inventories |
| Trading Influence | Global price benchmark | China demand signal |
Official contract data and settlement figures are published by the Shanghai Futures Exchange, which remains a key reference for professional metals markets worldwide.
