SHFE Gold Inventory & Settlement
Warehouse inventory, futures settlement prices, and open interest data
About SHFE Gold Data
SHFE gold inventory represents physical gold bars stored in exchange-approved vaults. China is the world's largest gold consumer, driven by jewelry demand, investment, and central bank purchases. SHFE gold warehouse stocks provide visibility into the deliverable supply available for futures settlement on the exchange. This page also includes daily settlement prices, volume, and open interest data for all active gold futures contracts, with historical data going back to 2020.
SHFE Gold Futures Contract Details
The SHFE gold futures contract has a standard lot size of 1 kilogram with a minimum purity requirement of 99.95%. Prices are quoted in Chinese yuan (CNY) per gram, and the minimum tick size is 0.02 CNY/gram. Contracts are available for delivery in even months (February, April, June, August, October, and December), with the most actively traded contract typically being the nearest delivery month.
Initial margin requirements are set by SHFE and typically range from 8% to 12% of the contract value, though brokers may require additional margin. The daily price limit is generally 5-6% above or below the previous settlement price. Physical delivery is conducted through SHFE-approved vaults, with gold bars required to meet exchange-specified weight and purity standards.
SHFE gold futures relate closely to the SGE Au99.99 spot contract, which is the benchmark for physical gold pricing in China. The spread between SHFE gold futures and SGE spot gold reflects cost of carry (storage, financing, and insurance) and market expectations. When this spread widens significantly, it can indicate supply tightness in the physical market or strong speculative demand in futures.
Understanding SHFE Gold Inventory Trends
SHFE gold inventory trends provide valuable signals about the state of the Chinese gold market. Declining inventory generally indicates that physical demand is outpacing deliveries into exchange warehouses, which can occur during periods of strong jewelry fabrication demand, active central bank purchasing, or increased investment appetite. Rising inventory may signal a slowdown in physical offtake or increased deliveries from domestic mines and refiners.
Seasonal patterns are also visible in SHFE gold stocks. Inventory often draws down ahead of the Chinese New Year holiday and the National Day Golden Week holiday, when gold jewelry gifting peaks. Conversely, stocks may rebuild during quieter summer months when fabrication demand eases.
Compared to COMEX registered gold inventory, which reflects US-centric supply dynamics, SHFE gold stocks are a direct measure of Chinese deliverable supply. Divergence between SHFE and COMEX inventory trends can highlight shifting global gold flows — for example, when SHFE stocks decline while COMEX stocks rise, it may suggest physical gold is moving from Western vaults toward Asian markets.
Data Sources & Methodology
MetalCharts sources SHFE gold settlement prices and weekly warrant stock data from official Shanghai Futures Exchange data feeds. Settlement prices are updated daily after SHFE's market close (typically around 15:00 CST / 07:00 UTC), covering all active gold futures delivery months with open, high, low, close, volume, open interest, and turnover figures.
Inventory data is published by SHFE on a weekly basis and includes per-warehouse breakdowns. Gold inventory figures are converted from kilograms to troy ounces on this page for consistency with international gold market conventions (1 kilogram = 32.15075 troy ounces). Historical data is available going back to 2020.
Frequently Asked Questions
- How is SHFE gold inventory measured?
- SHFE gold inventory is measured in kilograms, unlike COMEX which uses troy ounces. Gold is stored as bars meeting exchange specifications in SHFE-approved vaults.
- Why is SHFE gold inventory important?
- China is the world's largest gold consumer. SHFE gold stocks, combined with Shanghai Gold Exchange (SGE) data, provide insight into Chinese physical gold demand and supply conditions.
- How does SHFE gold differ from SGE gold?
- SHFE handles gold futures contracts while the Shanghai Gold Exchange (SGE) is the primary physical gold market. Both exchanges have their own warehouse systems, and traders monitor both for a complete picture of Chinese gold supply.
- What is the SHFE gold settlement price?
- The SHFE gold settlement price is the official daily benchmark calculated from the weighted average of trades during the closing period. It is used for margin calculations, mark-to-market valuations, and physical delivery invoicing of gold futures contracts.
- Should I watch SHFE or SGE for Chinese gold demand?
- Both exchanges provide complementary signals. SHFE gold futures reveal speculative positioning and hedging activity through open interest and volume data, while SGE spot contracts (Au99.99) reflect real physical demand from jewelers, refiners, and banks. Watching both together gives the most complete picture of Chinese gold market dynamics.
- What does the SHFE gold contract specify?
- The SHFE gold futures contract specifies a lot size of 1 kilogram of gold with a minimum purity of 99.95%, priced in CNY per gram. Contracts are available for delivery in even months (February, April, June, August, October, December) and require an initial margin deposit of approximately 8-12% of the contract value.