Silver Hits $102 in Shanghai — COMEX 88M Oz, 23 Accounts Suspended (Full) скачать в хорошем качестве

Silver Hits $102 in Shanghai — COMEX 88M Oz, 23 Accounts Suspended (Full)

Based on reports and market data from early 2026, the silver market experienced extreme volatility and a significant divergence between Eastern physical demand and Western paper pricing. Key Market Developments (Jan-Feb 2026): Shanghai Price Spike: Reports indicated silver in Shanghai (SHFE) surged past $100–$112 per ounce in late January 2026, driven by a scramble for physical metal, with some reports noting a $9–$12 premium over Western prices. COMEX Tightness: COMEX "Registered" inventories saw significant, rapid declines in early 2026, with reports highlighting a "103M ounce" or "88M ounce" level, creating concerns regarding the ability to meet delivery demands. Trading Restrictions: Amid the volatility, reports emerged of 23 accounts being suspended by authorities in China to curtail speculative activity. Decoupling: A substantial "arbitrage gap" emerged between the Shanghai physical market and the COMEX paper price, reflecting a "divorce" between physical reality and futures market pricing. Market Context (February 2026): Record Highs & Correction: After peaking near $121 in early 2026, silver experienced a sharp correction as regulators intervened, but the physical supply shortages continued to underpin the market. Physical Shortage: Reports noted that the massive demand from China was draining inventories, with Indian, Turkish, and South Korean markets also experiencing, or contributing to, this shortage. Outlook: While some, like JP Morgan, projected 2026 silver to average around $81/oz due to an estimated 67 million-ounce deficit, the rapid price surges in Shanghai indicated that short-term, localized demand could drive prices significantly higher than Western benchmarks.