On February 3, 2026, the Shanghai Gold Exchange's Shanghai Silver (standard weight 15 kg, silver ingot with a fineness not less than 99.99%, pricing contract) afternoon session benchmark price was 20,940 yuan/kg, down 476 yuan/kg (-2.22%) compared to the morning session benchmark price of 21,416 yuan/kg. Compared to the previous trading day's (February 2) afternoon session benchmark price of 20,353 yuan/kg, it rose by 587 yuan/kg (2.88%).
PriceSeek's analysis of silver shows a long-short score of -1. The article indicates that the Shanghai silver spot afternoon session benchmark price was 20,940 yuan/kg, down 476 yuan/kg (-2.22%) compared to the morning session, suggesting short-term market supply pressure or weakening demand, which exerts a bearish impact on spot prices. Meanwhile, the increase of 587 yuan/kg (2.88%) compared to the previous trading day reflects a positive medium-term trend, though the intraday decline dominates short-term sentiment.
Combined with data from the Shanghai Futures Exchange's silver futures, such as the closing price of the 2610 contract at 20,255 yuan/kg and the settlement price at 19,968 yuan/kg, with a change of -4,327, the futures market overall is in a downtrend. Changes in open interest indicate capital outflow (e.g., the 2612 contract's open interest decreased by 1,652), potentially reinforcing expectations of a price decline.
Considering both spot and futures data, short-term bearish factors are significant, resulting in a generally bearish score (-1.0).
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