As a spot deferred delivery product, Silver T+D offers greater trading flexibility in 2025, but it also brings higher risk-management challenges.

For first-time investors, understanding the core rules and cost structure is the first step to controlling risk and improving efficiency.

1. Trading Hours and Volatility Structure

Silver T+D follows the Shanghai Gold Exchange schedule and has three trading sessions:

• Morning session: 9:00–11:30
• Afternoon session: 13:30–15:30
• Night session: 20:00–2:30 the next day
• No night session on Fridays

Market behavior in 2025:

Night-session volatility is significantly higher than daytime trading.

Over 60% of the day’s movement may occur during the night session, especially around 22:00–23:00.

This is because the session overlaps with the European and U.S. precious metals markets, making it a key window for:

• Trend breakouts
• Arbitrage activity

2. Trading Mechanism and Risk Rules

T+0 and Two-Way Trading

Silver T+D uses a T+0 system, meaning:

• You can open and close positions multiple times in the same day
• You can go long or short

This allows traders to profit from both rising and falling markets.

Daily Price Limit and Circuit Breaker

The product has a 7% daily price limit.

If the limit is hit:

• Trading is suspended for 3 minutes
• If the limit is triggered twice in a row, trading is halted until the market closes

This system is designed to reduce systemic risk caused by abnormal price swings.

Important warning:

Traders should closely monitor limit-hit situations to avoid being trapped in a locked position.

3. Cost Structure and Cost-Saving Tips

Silver T+D trading costs mainly include:

• Trading fees
• Spread
• Deferred delivery fees

1) Trading Fee

The standard fee rate is 0.015% of trade value.

Example:

If 1 lot has a contract value of about 105,000 RMB, then:

• One-way fee = 15.75 RMB

2025 update:

If you close the position on the same day, the fee is waived.

This saves short-term traders about 30% of costs.

2) Spread

The spread is the difference between the bid and ask prices.

It is usually around 12 RMB/kg.

For 1 lot:

• Cost = 12 × 15 = 180 RMB

Note:

For high-frequency traders, spread cost should be treated as part of the breakeven threshold.

3) Deferred Delivery Fee

The daily deferred fee is 0.02% of the position value.

The direction of who pays depends on market structure:

• If long positions exceed 50%, longs pay
• If short positions dominate, shorts pay

Trading suggestion:

Unless the trend is very clear, try to focus on intraday trading to avoid accumulating overnight fees.

4. Practical Tips and Account Rules

Account Opening

You must open an account through a member institution of the Shanghai Gold Exchange, such as:

• ICBC
• CCB
• Minsheng Bank

Be sure to verify the institution’s financial business license to avoid illegal platforms.

Beginner Practice Path

Use an official or compliant demo account first.

Recommended practice period:

At least 3 weeks, focusing on:

• Night-session volatility around 22:00–23:00
• Stop-loss placement
• Spread analysis
• Deferred fee estimation

Capital Allocation and Risk Control

For beginners:

• Start with 5,000 RMB
• Trade 0.1 lot if available
• Margin required: about 840 RMB

Risk rule:

Keep the loss on any single trade within 2% of total capital.

Also, retain at least 30% of your capital as a cash buffer to avoid forced liquidation during sudden market moves.

Conclusion: Understanding the Rules Is the Key to Survival

Silver T+D is not just a speculative tool.

Its cost structure and trading rules place higher demands on discipline and execution.

For beginners in 2025, the three most important words are:

Light position, stop-loss, pace control

If you stay disciplined and manage risk carefully, you can navigate volatility more steadily.