CN Premium tracker · 7 October 2026
Shanghai vs COMEX silver premium
How much more (or less) silver costs in Shanghai than in London and New York, updated live, with the calculation shown step by step.
Shanghai premium over London spot
+16.1%
+$9.57 per ounce · +¥2,066 per kg
- SGE in USD$69.00
- London spot$59.43
- COMEX$59.51
Updated 7 Oct 2026, 6:10 PM IST
The spread in every market
| Comparison | Spread |
|---|---|
| SGE vs London spot | +16.1% +$9.57 per oz |
| SGE vs COMEX futures | +16.0% |
| SHFE vs London spot | +16.8% |
| COMEX vs London (basis) | +$0.08 |
How the premium is calculated
Premium = (SGE ¥/kg ÷ USD/CNY ÷ 32.1507) ÷ London spot − 1
Both the SGE price and London spot are quoted before tax, so no VAT adjustment is needed. Today: ¥14,890 ÷ ¥6.7119 ÷ 32.1507 = $69.00 per ounce, against $59.43 in London: a premium of +16.1%.
Some commentators subtract 13% for VAT and conclude that Shanghai is at a discount. That double-counts: the tax only applies when metal leaves the exchange.
What moves the premium
- Import licences: only approved banks and firms can import silver into China, so supply can't react instantly.
- Industrial demand: China is the biggest user of silver for solar panels and electronics; heavy buying lifts local prices.
- Investor demand: speculative trading on the Shanghai Futures Exchange can push SHFE and SGE prices ahead of London.
- The yuan: a weaker yuan raises local prices in yuan terms; the premium already accounts for it because both sides are converted to dollars.
The live number is only half the story: a premium that persists for weeks draws metal towards China and can tighten supply elsewhere. Read our explainer.
Frequently asked questions
What is the Shanghai silver premium today?
+16.1% over London spot, or +$9.57 per troy ounce, based on the SGE Ag(T+D) price converted at today's USD/CNY rate.
Should I subtract China's 13% VAT from the premium?
No. SGE prices are quoted before VAT, just like London spot, so the premium is already a clean comparison. VAT applies when metal leaves the exchange for use.
What does a high Shanghai premium mean?
That Chinese buyers are paying more than the rest of the world, usually because local demand is strong and imports can't arrive fast enough under China's licensing system. A premium that stays high tends to pull metal towards China.
Why compare with COMEX as well as London?
COMEX futures ($59.51 today) are the most traded silver contract in the West. They usually sit slightly above London spot because of storage and financing costs until delivery.
Sources
Rules and figures checked on 29 September 2026. Live prices update on this page automatically.