On January 15, 2026, the Shanghai Gold Exchange's benchmark midday price for Shanghai Silver (silver ingots with a standard weight of 15 kg and a purity of no less than 99.99%, pricing contract) was 22,404 yuan/kg, down 71 yuan/kg (-0.316%) from the earlier benchmark price of 22,475 yuan/kg. Compared to the previous trading day's midday price of 22,791 yuan/kg, it fell by 387 yuan/kg (-1.70%).

PriceSeek analysis of silver, long-short rating: -1.5
The spot price of silver on January 15, 2026, at midday was 22,404 yuan/kg, down 1.70% from the previous day, indicating a significant decline. This suggests increased market supply pressure or weak demand, which is bearish for spot prices. Combined with the recent performance of Shanghai Futures Exchange silver contracts (e.g., the 2604 contract closed at 22,763 yuan/kg on January 14, up 1,219 points), the decline in spot prices may trigger downward pressure on futures prices. It is expected that the futures market will face downside risks, overall bearish for silver prices.