On February 9, 2026, the Shanghai Gold Exchange's Shanghai Silver (standard weight 15 kg, silver ingot with a purity not less than 99.99%, pricing contract) morning session benchmark price was reported at 19,710 yuan/kg, an increase of 1,283 yuan/kg (6.96%) compared to the previous trading day's (February 6) afternoon session benchmark price of 18,427 yuan/kg.

PriceSeek Analysis of Silver: Bull-Bear Score: 2

The article reports that the benchmark price of Shanghai Silver (standard weight 15 kg, purity not less than 99.99%) on the morning of February 9, 2026, was 19,710 yuan/kg, representing an increase of 1,283 yuan/kg (6.96%) compared to the afternoon price of 18,427 yuan/kg on February 6. This indicates tight supply and demand or significantly enhanced demand in the spot market, constituting a major positive factor for spot prices.

Combined with futures data, the settlement prices of silver futures contracts (such as 2610, 2612, etc.) on February 6, 2026, generally declined (e.g., the settlement price of the 2610 contract was 17,854 yuan/kg). However, the current rise in spot prices suggests an improvement in future spot market expectations, which may drive a rebound in futures prices, thereby also constituting a positive factor for futures prices.

Overall analysis indicates that this news will boost market confidence and may lead to further short-term price increases.