SHANGHAI, Oct 11 (SMM) –
According SMM statistics, 1# silver output stood at 1,353.609 mt (including 994.609 mt of mineral silver), down 2.5% MoM and 5.5% YoY. The drop was pinned on two things. One was that there was shutdown of a few silver plants for maintenance. The other one was that high prices of crude silver and recycled silver-containing scrap were reported with high silver prices. Buying appetites for silver in September was muted after some companies purchased large quantities of silver in August. It is expected that there will be more raw materials in October and the output will rebound. There were also some silver producers increasing output for three reasons. The reasons were: 1 Mining companies were relatively active in shipping because of high prices; 2 The silver content in raw materials appeared volatile; 3 Increasing production aimed to meet production schedule.
Macroeconomic aspects: Bullish aspect; The ADP employment number in the US in September was 89,000, lower than the previous value of 177,000 and estimated one of 153,000. The unemployment rate in the country was 3.8%, unchanged from the previous value, but 3.7% higher than expected. Bearish aspect: The number of initial jobless claims in the US in the week ending September 30 was 207,000, higher than the previous value of 204,000 and lower than the expected value of 210,000. The non-farm payrolls this country after seasonal adjustment in September was 336,000 people, lower than the previous value of 187,000 and the expected value of 170,000. Economic data mixed. Meanwhile, tensions in the Middle East were tense. If surrounding areas are involved, it may push up prices of safe-haven metals such as gold and silver.
