US Inflation Hit a New High and Silver Price Corrected

SHANGHAI, July 14 (SMM) - Last night, the US annual and monthly CPI after seasonal adjustment at the end of June recorded at 9.1%, with estimate of 8.8%, and the previous value was 8.6%. The data achieved the largest increase since November 1981. As the recent inflation hit another record high, the market expected that the Fed will raise the interest rate by 100 basis points. But silver prices corrected today before the Federal Reserve meeting and the release of specific measures from relevant personnel. The average ex-factory price of SMM1# silver today was 4,191 yuan/kg, up 35 yuan/kg or 0.8% from yesterday. According to SMM, orders of silver powder declined recently mainly because the demand for silver paste declined amid the high silicon material prices. At the same time, silver paste had a limited lifespan in summer, hence it is unlikely to stock up in large quantities in advance. Therefore, the orders of some silver powder producers decreased recently.