Silver rose over 3% last Friday [SMM analysis]

After the opening of last Friday's night trading, the price of silver skyrocketed. The opening price of spot silver was US$29.561 per ounce, an increase of 3.4%; the opening price of domestic silver T+D was RMB 7,650 per kilogram, an increase of 3.2% (as of the time of posting). The price of domestic silver is driven by the price of overseas silver. At the same time, silver is also bolstered by other metals.
The US seasonally adjusted CPI annual rate in April was announced at 3.4%, which was the same as expected and lower than the previous value. The seasonally adjusted monthly CPI rate in the United States in April was 0.3%, lower than the previous value and the expected value of 0.4%. The seasonally adjusted monthly CPI rate in the United States in April was 0.3%, lower than the previous value and the expected value of 0.4%. The seasonally adjusted monthly CPI rate in the United States in April was 0.3%, lower than the previous value and the expected value of 0.4%. Faced with continued inflationary pressure, consumers began to control spending and the market rekindled expectations for interest rate cuts.
From a fundamental perspective, due to the recent increase in domestic and foreign purchasing enthusiasm for lead, copper, gold and other minerals, the market valuation coefficient of associated silver has risen to varying degrees compared with before, and the rising prices of base metals and silver have also brought sufficient purchasing and production motivation to smelting companies. However, due to the limited supply of raw materials at the mine end, the quotation is negotiated on a case-by-case basis. Downstream production was operating normally due to the stocking up of low silver prices before and during the Labour Day holiday. However, after the silver price started to rise on Thursday, the market's new orders were very weak as the silver price broke through its high point. In the spot market for silver ingots, due to the high prices suppressing the purchasing demand in the market, the transaction premiums and discounts have fallen compared with the previous period. Spot transactions are general, market purchasing sentiment is negative, the number of shipping companies has increased, and the market spot liquidity has deteriorated. It is expected that the silver price may fluctuate between 7,500 and 8,000 yuan/kg this week.