Output of 1#Output of Silver in March Stood at 1,265.29 mt in March, up 14.41% from February

SHANGHAI, Apr 11(SMM) - SMM data shows that the domestic output of 1# silver in March stood at 1,265.29 mt(including 1,062.83 mt of mineral silver), up 14.41% on the month with the overall silver output rising sharply. The main reason was that the output was affected during the Chinese New Year holiday, but overall silver output increased in March after manufacturers resumed production, in line with SMM's expectation last month that China's silver output was likely to increase in March due to the resumption of working days. In terms of the macro level, the NATO summit held on March 24th, whose attitude towards Russia-Ukraine joint talks, support for Ukraine, requirements for China to choose a side was the key to the movement of gold and silver prices. Many experts believe that the US will not compromise easily and Europe will not integrate easily, which are bullish for gold. And people pointed out five key content of the Russia-Ukraine talks: a compromise on neutrality; a reduction in military action; Ukraine not joining a military alliance; Ukraine being able to join the EU; and a possible meeting between the two leaders. Digging deeper into the content, Crimea will not belong to Russia and Donbass will not be independent, which need to be negotiated by the two leaders. So even if they have negotiated, Zielinsky will blame for the referendum. It seems that the conflicts will not be resolved easily. And the UK ramped up the conflicts by announcing that a truce would not stop the sanctions, only when Putin compromises could the sanctions be cancelled. It is expected that silver prices will continue to fluctuate in April with growing space. In terms of production of manufacturers, there was a reduction in the output of a small number of manufacturers. Output of some enterprises reduced significantly in March, including Jinlong Copper, Yanggu Xiangguang and Yunnan Zhenxing. Output of many companies has increased, including Daye Nonferrous Metals, Guangdong Gold Industry, Guiyang Yinxing, Baiyin Nonferrous Metals and Guiyuan Platinum, etc. The overall output of silver in China saw a significant rise in March. It is expected that the domestic output of silver may be flat in April, with the possibility of continued growth, but not by much.