国际银价趋稳之际，中国白银现货仍趋紧：上期所近月合约创纪录升水

Core Viewpoint - International silver prices have stabilized after significant fluctuations, but supply tightness in the Chinese market persists, driven by investment and industrial demand depleting inventories [1]. Group 1: Market Conditions - As of February 10, international spot silver prices are fluctuating around $80 per ounce, with the gold-silver ratio stabilizing near 61 times [1][2]. - The Shanghai Futures Exchange's near-month silver contract premium has surged to record levels, indicating strong demand for immediate delivery silver [3]. Group 2: Supply and Demand Dynamics - The extreme spot premium is driven by a supply crisis and depletion of deliverable materials, with silver inventories at the Shanghai Futures Exchange and Shanghai Gold Exchange at their lowest levels in over a decade [3]. - Analysts believe the tight supply situation is unlikely to ease in the short term unless smelters can significantly increase production during the upcoming Chinese New Year holiday, which is traditionally a low production season [3]. Group 3: Investment and Industrial Demand - Current market demand is fueled by two main drivers: sustained high physical investment demand and concentrated procurement in industrial sectors such as solar energy [4]. - In Shenzhen, the largest gold and jewelry wholesale market in China, demand for silver investment bars remains strong, with sellers quickly finding buyers willing to pay premiums [5]. - Industrial demand is also a significant factor, as Chinese solar manufacturers require large amounts of silver for photovoltaic panel production, leading to increased purchasing ahead of the April 1 export tax rebate policy expiration [7].