Home / Metal News / China Silver Output Increased 4.72% in October, Likely to Increase Further in November

China Silver Output Increased 4.72% in October, Likely to Increase Further in November

iconNov 8, 2021 18:11
Source:SMM
The domestic 1# silver output stood at 1,218.387 mt (including 1051.294 mt of mineral silver) in October, up 4.72% from the previous month, which is basically in line with SMM estimate in September. The output was not affected by the National Day long holiday.

SHANGHAI, Nov 8 (SMM) – The domestic 1# silver output stood at 1,218.387 mt (including 1051.294 mt of mineral silver) in October, up 4.72% from the previous month, which is basically in line with SMM estimate in September. The output was not affected by the National Day long holiday.

The US ADP employment data increased by 571,000 in October, more significant than the expected 400,000, hitting a new high since June. The US trade deficit September also reached a new record high at $80.9 billion higher than the estimated $80.2 billion. The positive data weighed on the silver prices. The non-commercial net long positions of gold and silver in CFTC stood at a medium-to-high level, and the risks are accumulating, which also suppressed the silver prices in September and October.

The silver prices dropped in September and October, with limited rebounding room. The prices are expected to fluctuate within a wider range under the impact of volatile US dollar index and remain in a downward trend in November.

The falling prices affected the spot transactions, but the production was basically normal. The production suspension and recovery mainly depended on the maintenance plans or power rationing.

The output declined in Jiangxi Copper Lead and Zinc, Hunan Shuikoushan, Zhejiang Hongda, Zhongtiaoshan Nonferrous Metals, and Yantai Penghui Copper. Some of them reduced or suspended the production for maintenance, some cut the production sharply due to the power rationing, and some suspended the production temporarily due to the equipment failure.

Shaanxi Nonferrous Metals, Yubei Gold & Lead, and Hongqian Nonferrous have not resumed the production for lack of raw materials.

The output in Sino-Platinum Metals, Yunnan Copper, Jiangxi Longtianyong, Mengzi Mengzi Mining and Metallurgy, Gejiu Lianxing, and other companies increased significantly after the production was resumed, which contributed to the increment in the total silver output in October.

The current supply of silver-containing materials including anode mud remains tight, and the pricing coefficient is little changed. The national silver output is expected to increase slightly in November.

silver
output

For queries, please contact William Gu at williamgu@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news