Silver Price Hits Limit Down as Wait-and-See Sentiment Prevails, Spot Market Trading Nearly Halts [SMM Daily Review]

Published: Feb 2, 2026 12:11

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Today, the prices of precious metals on SHFE and the Gold Exchange hit the lower limit, leading mainstream traders and manufacturers to suspend quotations and generally adopt a wait-and-see attitude. Some clients mentioned that due to the inability to close out hedging positions, they stopped trading to avoid assessment risks. In Shenzhen's spot market, a small amount of speculative goods were offered at fixed prices; however, as the procurement costs for these suppliers were generally high, their willingness to sell was low. The market's intended fixed price quotations ranged from 22,500 to 23,000 yuan/kg, with some suppliers holding back and watching at 24,000 yuan/kg. Although downstream enterprises showed moderate interest in buying the dip, actual purchases were minimal and heavily negotiated due to the inability to set prices and concerns over continued price limits tomorrow, causing the spot silver market transactions to almost come to a halt.

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