On January 12, 2026, the Shanghai Gold Exchange's morning session benchmark price for Shanghai Silver (silver ingots with a standard weight of 15 kg and a purity not less than 99.99%, pricing contract) was 20,927 yuan/kg, an increase of 506 yuan/kg (2.48%) compared to the earlier session's benchmark price of 20,421 yuan/kg. Compared to the previous trading day's afternoon session price of 18,683 yuan/kg, it rose by 2,244 yuan/kg (12.01%).

PriceSeek analysis of silver, long-short rating: 2. The article indicates that the spot price of silver increased by 2,244 yuan/kg (12.01%) compared to the previous trading day's afternoon session, a significant rise, suggesting tight market supply or surging demand, which is a major positive for spot prices. Combined with silver futures data, such as the closing price of the 2604 contract at 20,945 yuan/kg (up 1,529 yuan) and the closing price of the 2606 contract at 20,857 yuan/kg (up 1,475 yuan), futures prices have risen simultaneously, and changes in open interest are positive (e.g., the open interest of the 2604 contract increased by 29,694 lots). This reflects strong market bullish expectations, and it is anticipated that futures prices will continue to rise.