China’s spot silver stays quiet at 14,342 yuan a kilo into the US CPI print

For the third day running, Shanghai Metals Market (SMM) describes a Chinese silver market where buyers are waiting rather than buying. On Wednesday, the reason was clear: the US inflation report due at 20:30 China time (12:30 GMT).

The numbers

As reported by Shanghai Metals Market, 14 October 2026. SHFE 2612 is the Shanghai Futures Exchange’s December 2026 silver contract.

The Shanghai Gold Exchange’s spot benchmark fell to 14,342 yuan per kilogram from 14,567 a day earlier, according to SMM’s Tuesday note — see Tuesday’s report.

Waiting on the Fed

SMM attributes the pressure on precious metals to hawkish remarks from Fed officials — it names Williams and Collins, meaning New York Fed president John Williams and, it appears, Boston Fed president Susan Collins — combined with caution ahead of the September CPI. Downstream buyers — the manufacturers who use silver — were firmly in wait-and-see mode despite lower futures prices. Deals were mostly done near parity after negotiation, and refiners also leaned toward parity.

Reading the discount

Physical silver in Shanghai has now traded at a discount to the futures price for several days. When buyers are eager, they pay a premium for metal in hand; a discount says the reverse. It began with buyers who had stocked up ahead of China’s October holiday (Silver rallies on paper) and has persisted through two days of falling prices. Lower prices have not yet brought buyers back.

What could change it

SMM says silver may continue to consolidate on a weak note in the short term. The CPI release is the obvious candidate to break that pattern: a soft US print that eased rate expectations could support prices and, eventually, bring Chinese buyers back; a hot one would add to the pressure. We do not forecast which. The levels traders are watching after the print are in Silver holds above $59 and the CPI trade map.

Every figure here is as reported by the publications listed under Sources, at the time they reported it. Prices move; the live gold price has the current one. Nothing on this page is investment advice.