CITIC Futures: Silver experiences wide short-term fluctuations with a high risk of volatility.

Suppressed by factors such as market sell-off, strengthening dollar index, and eased geopolitical tensions. In the short term, the marginal bullish drivers for silver spot have weakened, with the risk of silver tariffs falling since mid-January, the pace of silver hoarding in the United States slowing down, and the decline in London silver spot leasing rates. In addition, on the evening of February 5, the Shanghai Futures Exchange issued a notice stating that starting from the settlement at the close on February 9, the daily price limit for silver futures contracts will be adjusted to 20%, the hedging margin ratio will be adjusted to 21%, and the general margin ratio will be adjusted to 22%. Recently, the Asia-Pacific stock markets have been impacted by the US stock market, and market sentiment is more fragile. It is expected that the short-term volatility of silver will continue, with greater volatility risk than gold. Investors are advised to operate cautiously.