At the beginning of the week, the market made a supplementary decline in silver prices. Mid-week, the unexpected cooling of US core inflation data led the market to anticipate an earlier timeline and increased frequency of interest rate cuts by the US Fed. On Thursday, silver prices surged.
【Economic Data】:
Bullish: The US EIA crude oil inventory for the week ending January 10 showed a reported value of -1.962 million barrels, lower than the previous value of -959,000 barrels.
Bearish: The US December seasonally adjusted CPI monthly rate was reported at 0.4%, higher than the previous and expected values of 0.3%.
Neutral: The US December end-of-month seasonally adjusted CPI annual rate rose to 2.9%, compared to the previous value of 2.7%, in line with market expectations.
Silver prices fluctuated this week, with the spot market also experiencing significant volatility.
【Spot Market】:
Silver: This week, silver spot prices remained relatively stable, with market purchases primarily focused on low-price discounts. However, due to cost concerns, some enterprises maintained their quotations. The market engaged in normal pre-holiday stockpiling as needed. On Tuesday, the decline in silver prices led to higher purchasing enthusiasm, while on Wednesday, as it was the futures delivery day, the market primarily focused on futures trading, leaving the spot market relatively quiet. Today, due to high silver prices, the market engaged in just-in-time procurement based on brand requirements.
PV: This week, the reference price for solar cell rear-side silver paste was 5,005-5,148 yuan/kg; the reference price for solar cell finger front-side silver paste was 7,578-7,793 yuan/kg; and the reference price for solar cell busbar front-side silver paste was 7,528-7,743 yuan/kg. The PV market engaged in pre-holiday stockpiling as needed this week. During Tuesday's silver price decline, the market seized the price fluctuation, resulting in higher purchasing enthusiasm. Subsequently, market purchase willingness was primarily driven by just-in-time procurement.
Others: Other industrial demand entered the final replenishment phase this week, with the market purchasing as needed to maintain normal production. Next week, upstream and logistics impacts are expected to slow down, prompting the market to conduct final checks and adjustments this week.
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