Silver showed a "V" shape trend last week. At the beginning of the week, silver ended its three-week upward trend. At the same time, the hawkish remarks of Federal Reserve officials also provided some negative sentiment to the market. However, in the middle of the week, the market's uncertainty about the future of the international situation increased, which increased risk aversion. After the rise of gold, silver followed suit and began to rise on Thursday. The foreign market was closed on Friday due to the holiday, but the market's investment demand was still relatively strong. Silver price continued to rise.
[Economic Data] Negative : The EIA crude oil inventory in the United States for the week ending March 22 was announced to be 3.165 million barrels, higher than the previous value of -1.952 million barrels and the expected value of -1.275 million barrels; the number of initial jobless claims in the United States for the week ending March 23 was announced to be 210,000, lower than the previous value and the expected value of 212,000; the final value of the University of Michigan Consumer Confidence Index in the United States in March was announced to be 79.4, higher than the previous value of 76.5 and the expected value of 76.5.
The annualized U.S. core price index for February released on Friday was 2.8%, in line with expectations and lower than the previous value of 2.9%. Although it was the same as expected, the PCE price index fell, inflation slowed, and the market released bullish sentiment ahead of schedule.
[Spot Market] Silver: Last week, as the price of silver fell at the beginning of the week, there was a small amount of demand for replenishment in the market. Then the demand for replenishment in the market dropped amid the rise in silver prices. Market trading began to weaken in the second half of the week. Traders' interest in selling was not high. According to SMM, the premiums for national standard silver ingots purchased in large quantities with cash payment in Shanghai were zero. Trading was quiet.
Downstream : Due to the high price of silver, the market purchasing sentiment was weak. The photovoltaic industry and the electrical and electronics industries purchased on demand. The overall industrial production demand was suppressed by the high silver price. Some companies consumed existing inventory to complete orders. The investment demand in the silver market was high, and the investment demand was much stronger than the production demand.