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Home / Metal News / Silver Prices Rose on July 31 [SMM Daily Review]

Silver Prices Rose on July 31 [SMM Daily Review]

Jul 31, 2024 16:01

Source:SMM

Affected by geopolitical conflicts, silver prices rose starting from the night session today.

Affected by geopolitical conflicts, silver prices rose starting from the night session today. The opening price of spot silver today was $28.352/ounce. The ex-factory reference price of SMM #1 silver in the morning averaged 7,384 yuan/kilogram, an increase of 217 yuan/kilogram compared to yesterday, up 3%. The attack on Hamas leaders this morning also pushed silver prices up. Due to the price increase and changes in the basis, market inquiries were active today, but upstream sellers were reluctant to sell. The spot premiums were 1 yuan/kilogram, and the large factory premiums were 3 yuan/kilogram, with moderate transactions.

Market review

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LME lead prices inched down and finally closed at $2103.5/mt in overnight trading, down $25.5/mt, or 1.2%. The contract fell for three consecutive days.

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LME zinc prices closed down $47/mt or 1.96% at $2,351/mt yesterday evening. The trading volume increased to 9,767 lots, and open interest increased 501 lots to 209,000 lots. LME zinc inventories increased by 375 mt to 92,175 mt, an increase of 0.41%. Overnight, the Fed's hawkish remarks bolstered the US dollar and that put pressure on LME zinc prices.

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Social Lead Ingot Inventory Across Five Major Regions In China

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SMM Exclusive: China's Metals Output In July And Forecast For August

Data: SHFE, DCE market movement (Aug 10)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Aug 10, 2023

Aug 10, 2023 15:32

Analysis

Data: SHFE, DCE market movement (Aug 10)

[SMM Zinc Early Review July 20] LME zinc has delivered more than 20,000 tons of continuous warehouses, and the inventory has hit a high level in more than one year

Overnight, U.S. climate envoy Kerry held talks with Chinese officials, saying that China-U.S. climate relations still need “more work”; the IMF said that the appreciation of the dollar would hit emerging markets more than developed economies; China will announce July LPR on Thursday, and Reuters polls show that expectations for stability are unprecedentedly consistent; South Africa said that Russian President Vladimir Putin will not attend the BRICS summit in August.

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SMM Zinc Market Comment And Forecast (July 13)

SMM Events & Webinars

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Oct
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- APAC TIN INDUSTRY CONFERENCE 2024
  Oct 29 - 30,2024
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Silver Prices Rose on July 31 [SMM Daily Review]

SMM Events & Webinars

APAC TIN INDUSTRY CONFERENCE 2024

APAC (9th) Stainless Steel Industry Conference 2024

2024 SMM Middle East Secondary Metal Filed Trip