Core Viewpoint - The silver futures market is experiencing a significant upward trend, with the main contract reaching 24,903.00 yuan/ton, reflecting an increase of 8.23% as of January 23 [1]. Market Data - By 2025, global silver supply is projected to be 32,100 tons, while demand is expected to reach 35,700 tons, with industrial silver accounting for 60% of total demand [2]. - As of January 22, the Shanghai Futures Exchange reported silver warehouse receipts at 589,052 kg, a decrease of 11,727 kg compared to the previous trading day [2]. - The People's Bank of China plans to conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain liquidity in the banking system [2]. Institutional Perspectives - According to Zhongjin Wealth Futures, the precious metals market is in a "self-spiral" upward environment, and since the silver short squeeze began in November last year, it is advised to follow the market rather than attempt to predict its peak [4]. - Zhongcai Futures notes that a weaker dollar, expectations of Federal Reserve easing, and geopolitical uncertainties contribute to a strong outlook for precious metals. The long-term view remains bullish on silver due to ongoing supply-demand imbalances and global central bank gold purchases [4].
基本面供需缺口形势难改 沪银期货继续一骑绝尘
Jin Tou Wang·2026-01-23 06:03