SMM Data: China Silver Nitrate Production in November

In November, silver nitrate production increased significantly, closely related to prices and demand. Prices: In November, due to the cooling of the war and the US elections, the market engaged in Trump trades, slowing the pace of interest rate cuts, which was favorable for the US dollar and bearish for silver. Therefore, the decline in silver prices stimulated downstream procurement and consumption. Demand: 1. The natural production days in November were more than in October, increasing rigid demand. 2. Due to downstream shutdowns and holidays in October, but continued terminal procurement and consumption, all links emptied inventories, coupled with favorable silver prices in November, leading to downstream procurement of orders. 3. Downstream enterprises focused on efficiency, slightly increasing unit consumption and raw material usage.