Silver T+D is not charged as a fixed amount per lot
Silver T+D trading quantity is quoted in lots, but the Shanghai Gold Exchange fee structure does not assign one permanently fixed fee to each lot. Instead, the transaction fee is calculated from the value actually traded and the applicable fee rate. As a result, two trades of one lot can produce different fees if their execution prices are different.
For a broader historical overview of product rules and costs, see Silver T+D in 2025: A Beginner’s Guide to Rules and Costs. Any annual fee figures in older material should still be checked against the latest exchange notice before being used for a current calculation.
Why does the number of lots still matter?
Ag(T+D) has a trading unit of 1 kilogram per lot and is quoted in yuan per kilogram. A simple way to understand transaction value is: execution price × quantity represented by each lot × number of lots executed.
For example, if Silver T+D is executed at RMB 15,000 per kilogram, one lot represents RMB 15,000 of transaction value. At the same price, five lots represent RMB 75,000. The lot itself is not a fixed fee unit, but increasing the number of lots increases the traded quantity and therefore the transaction value.
How are 2026 transaction fees calculated?
According to the Shanghai Gold Exchange notice on fee rates for 2026, the general transaction fee rate for Ag(T+D) is 0.012% from January 1 through December 31, 2026. Using the basic relationship of transaction value × applicable rate, a RMB 15,000 transaction would generate an exchange-level fee of RMB 1.80 at that rate.
If ten lots are executed at the same RMB 15,000-per-kilogram price, the transaction value becomes RMB 150,000 and the fee at the same rate becomes RMB 18. This is why describing the fee as value-based is more accurate than asking for one permanent fee per lot.
Not every Ag(T+D) trade uses the same 2026 rate
The same 2026 notice sets the short-term opening transaction fee rate for Ag(T+D) at 0.0075% and exempts the short-term closing transaction fee. A fee calculation therefore needs both the transaction value and the fee category that applies to that specific trade.
Annual fee schedules can change. A 2026 rate should not be treated as a permanent rate for later years, and older articles should be read in the context of the rules in force when they were written.
Why can the fee differ even when the trade is still one lot?
Because the Silver T+D price changes. One lot executed at RMB 15,000 per kilogram has a transaction value of RMB 15,000, while one lot executed at RMB 16,000 per kilogram has a transaction value of RMB 16,000. Even if the fee rate is unchanged, the resulting fee will change with the transaction value.
For more background on what influences the traded price, see How Is the Price of Silver T+D Formed?
Order size is not always the same as executed size
It is also important to distinguish between the number of lots submitted in an order and the number actually executed. An order may wait in the queue, fill only partially or remain unfilled. Fees should therefore be understood in relation to actual executions rather than only the original order quantity. For more on queue priority and partial fills, see What Do Price Priority and Time Priority Mean? How Silver T+D Orders Are Queued for Execution
The exchange rate may not equal the final fee shown in an account
The exchange notice sets the exchange-level fee arrangement. When an investor trades through a member or another eligible participating institution, the agency transaction fee standard applied to the account is governed by the relevant agreement and the institution's disclosed rules. For that reason, a generic online claim that “one lot costs a fixed amount” is not enough to determine an individual's actual trading cost.
Transaction value is the more accurate starting point
In summary, Silver T+D uses lots to express quantity, but the core fee relationship is actual transaction value × applicable fee rate. The number of lots affects quantity, while the execution price affects the value represented by each lot, so both ultimately influence the fee.
When asking how much one lot of Silver T+D costs in fees, it is better to confirm the execution price, actual filled quantity, transaction value, fee category and the rate currently in force.