March 2024 #1 silver output was 1,554.57 mt, with 1,015.57 mt from mining, up 278.476 mt (21.82%) MoM and 11% YoY, mainly as silver prices rose for three consecutive weeks in March. Driven by rising silver prices, companies that sell silver-containing waste materials were very active, and some smelters used raw materials and recycling materials to make up for the low production, boosting the output. Due to domestic rising silver-containing ore prices and high silver price in April, the market acceptance may not be high. SMM expects a slight correction in silver production in April.

The ADP employment index in the US in March recorded 184,000, higher than the previous value of 155,000. The US unemployment rate recorded 3.8%, lower than the previous value and expected value of 3.9%; and the seasonally adjusted US non-farm payroll employment recorded 303,000, higher than previous value of 270,000 and forecast value of 200,000. Although the employment data was bearish, after a slight decline in spot silver prices, the risk aversion and investment sentiment still prevailed in the market, and the gap in the gold-silver ratio also drove up silver prices to exceed 7,000 yuan/kg mark in April.