SHANGHAI, Sep 12 (SMM) – According to statistics from SMM, the actual production of #1 silver in China in August 2023 was 1,388.854 mt, with 974.854 mt coming from mined silver. This represents an increase of 2.9% MoM and is relatively stable compared to the same period last year. The increase in production in August can be attributed to the following reasons: First, the price of lead has increased, leading to a higher amount of silver associated with lead production. Second, the price of silver in August was relatively higher than in July, prompting raw material suppliers to ship their products to smelters for processing. The decrease in production can be attributed to two factors: First, adjustments in production plans; and second, variations in silver content in raw materials. The increase in production outweighed the decrease, resulting in a slight overall increase in silver production in August.
In terms of macro factors: On the negative side, the seasonally adjusted non-farm employment data in the United States for August remained unchanged at 187,000, which was higher than the expected value of 170,000. On the positive side, the unemployment rate in the United States for August was announced at 3.8%, higher than both the previous value and the expected value of 3.5%. Market participants are now waiting to see if the Federal Reserve will raise interest rates this month.
