SGE Silver Trading
Shanghai Gold Exchange silver contract prices and trading data
About SGE Silver Contracts
The SGE offers two silver contracts: Ag(T+D) is a deferred settlement contract that allows leveraged positions to be held indefinitely with daily carrying charges, making it the most liquid silver product on the exchange. Ag99.99 is a spot contract for 99.99% purity physical silver. Silver prices are quoted in CNY per kilogram. The SGE's silver vault inventory data provides unique insight into Chinese physical silver supply and demand dynamics.
SGE Silver Contract Specifications
The Ag(T+D) contract is the SGE's primary silver trading instrument. It is a deferred delivery contract with a lot size of 1 kilogram, quoted in CNY per kilogram. The "T+D" designation means that settlement can be deferred indefinitely by paying a daily carrying charge, similar to a perpetual swap. Margin requirements typically range from 10-15% of contract value, making it accessible to both retail and institutional traders.
Trading hours for Ag(T+D) include a day session from 9:00 AM to 3:30 PM CST and a night session from 8:00 PM to 2:30 AM CST. The night session overlaps with European and early US trading hours, allowing the SGE silver price to respond to global market developments in real time.
The Ag99.99 spot contract requires full payment and physical delivery of 99.99% pure silver through SGE-certified vaults. Its lower trading volume compared to Ag(T+D) reflects the higher capital requirements of spot trading, but it serves as the definitive price for physical silver transactions in China.
SGE Silver vs COMEX Silver
The SGE and COMEX represent the two largest silver trading venues in Asia and the West respectively. Understanding their structural differences is important for interpreting price discrepancies between the two markets.
| Feature | SGE | COMEX |
|---|---|---|
| Primary contract | Ag(T+D) | SI (5,000 oz futures) |
| Market type | Deferred spot | Futures |
| Settlement | Physical delivery | Mostly cash-settled |
| Currency | CNY/kg | USD/oz |
| Expiry | No expiry (deferred) | Monthly expiry |
| Role | China physical demand | Global price discovery |
When the SGE silver price (converted to USD/oz) trades at a premium to COMEX, it signals strong Chinese demand pulling silver into the domestic market. A discount suggests softer local demand or ample domestic supply.
Understanding SGE Silver Trading Volume
SGE silver trading volume is a key indicator of Chinese silver market activity. The Ag(T+D) contract accounts for the vast majority of SGE silver turnover, and its volume patterns reveal important demand signals. Elevated volume typically accompanies periods of strong industrial demand, as China is the world's largest silver consumer for industrial applications including solar panel manufacturing, electronics, and electrical contacts.
Seasonal patterns are evident in SGE silver volume. Demand tends to increase during the first quarter as manufacturers restock after the Lunar New Year holiday, and again in the third quarter as industrial production ramps up for the year-end export season. Volume spikes outside these seasonal patterns often indicate speculative positioning or shifts in industrial policy.
Comparing Ag(T+D) volume with open interest provides additional insight. Rising volume with rising open interest suggests new money entering the market, while rising volume with falling open interest indicates position liquidation. The SGE also publishes weekly vault inventory data for silver, which when combined with trading volume, paints a comprehensive picture of physical silver flows in China.
Data Sources & Methodology
SGE silver trading data displayed on MetalCharts is sourced from the Shanghai Gold Exchange's official daily trading reports. This includes open, high, low, close prices, trading volume, turnover, and open interest for both silver contracts (Ag(T+D) and Ag99.99).
Shanghai Silver Benchmark (SHAG) fixing prices are collected from SGE benchmark auction results. Weekly silver vault inventory data and delivery volumes are sourced from SGE weekly reports published each Monday.
Data is updated daily after the SGE market close (3:30 PM CST / 7:30 AM UTC). USD-equivalent prices are calculated by converting CNY/kg to USD/oz using the prevailing exchange rate (1 troy ounce = 0.0311035 kg). Historical data is available for charting and analysis.
Frequently Asked Questions
- What silver contracts does the SGE offer?
- The SGE offers two silver contracts: Ag(T+D) is a deferred settlement contract (similar to a perpetual future) and the most actively traded silver product on the exchange. Ag99.99 is a spot contract for 99.99% purity physical silver with vault delivery. Silver prices on the SGE are quoted in Chinese yuan per kilogram.
- What is the Shanghai Silver Benchmark?
- The Shanghai Silver Benchmark (SHAG) was launched in October 2019, following the success of the gold benchmark. It is a yuan-denominated silver fixing price set through a centralized auction on the SGE. SHAG serves as the reference price for Chinese domestic silver transactions.
- Does the SGE report silver vault inventory?
- Yes. SGE publishes weekly reports that include silver vault inventory data — the total silver stock held in SGE-certified vaults, along with the week-over-week change. Gold vault stock is not included in these reports, but delivery data for both metals is published.
- What is the Ag(T+D) contract?
- Ag(T+D) is the SGE's primary silver contract, a deferred delivery contract denominated in CNY per kilogram. The "T+D" means buyers can choose to take or defer physical delivery.
- How is SGE silver different from SHFE silver?
- SGE silver (Ag T+D) is a spot/deferred delivery contract on the physical exchange, while SHFE silver is a futures contract on the Shanghai Futures Exchange. SGE reflects immediate physical demand; SHFE reflects future expectations.