SHANGHAI, Sep 8 (SMM) – According to SMM survey, the domestic silver output stood at 1386.33 mt (including 1175.33 mt of mineral silver) in August, up 0.49% from the previous month. The output varied in different plants, but the overall output rose slightly on the month.
On the macro level, the US private payrolls grew by 132,000 in August, lower than the expectation of 300,000. The US unemployment rate rose to 3.7% in August of 2022, above market expectations of 3.5%, while the value in previous month was 3.5%. This marked the first time in the past five months that the unemployment rate in US has increased. After seasonal adjustment, U.S. employers added 315,000 payrolls in August, slightly above expectations of a gain of 300,000 jobs. The figure in the previous month was 528,000. In fact, the seasonally-adjusted non-farm payrolls in the United States saw the slightest increase in this August since April 2021. At the 2022 FOMC meeting, Cleveland Fed President Loretta Mester delivered a speech on the U.S. economic outlook, and once again stressed the Fed’s determination to raise interest rates. Instead of expecting interest rate cuts next year, she was in favour of raising interest rate to above 4% in the early 2023.
In terms of the production of domestic silver manufacturers, a few manufactures, such as Henan Jinli Gold and Lead, Hunan Yuteng, Hunan Shuikoushan, Shandong Zhaojin and Hechi Nanfang, reported slight increase in August. Basically few manufacturers cut their production significantly. In terms of enterprises with increased output, such as Chifengshan Gold, Silver and Lead, Hongqian Non-ferrous, Chifeng Yunnan Copper, Guiyan Platinum, Zijin Mining, and Henan Yuguang Gold Lead, etc., their increase was not large as well. Therefore, the overall output of domestic silver output was basically stable in August with a slight increse.
It is expected that the domestic silver production will continue to grow at a low speed in Septebmer.
Notes: SMM has released Chinese silver output since February 2021. The silver is usually produced along with copper, lead and zinc. Thanks to its high coverage of the base metals industry, SMM has successfully investigated a total of 45 silver production enterprises, which are located in 17 provinces across the country, with a total capacity of 24,000 mt and a total capacity coverage rate of over 99%.
