[SMM Weekly Review] Active Restocking in the Market After New Year's Day This Week, Silver Prices Rise

This week, due to the New Year’s Day holiday, the market cleared out inventory before the holiday. After New Year’s Day, the demand for silver procurement increased, and the silver spot market became very active.
【Economic Data】:
Bearish: The US initial jobless claims for the week ending December 28 were reported at 211,000, lower than the previous value of 220,000 and the expected value of 222,000. The US EIA crude oil inventory for the week ending December 27 was reported at -1.178 million barrels, higher than the previous value of -4.237 million barrels and the expected value of -2.8 million barrels.
【Spot Market】:
Silver: In this week’s silver spot market, the cash spot price for national standard silver ingots in the Shanghai region was quoted at around parity. The cash spot price for large factory silver ingots in the Shanghai region was quoted at 3-4 yuan/kg. Before the holiday, market quotations and transactions were relatively weak, but after the holiday, procurement demand increased, leading to active transactions over the past two days.
Silver Paste: This week, the reference average price for solar cell rear-side silver paste was 4,910-5,011 yuan/kg; the reference average price for solar cell busbar front-side silver paste was 7,386-7,537 yuan/kg; and the reference average price for solar cell finger front-side silver paste was 7,436-7,587 yuan/kg. Before the holiday, due to year-end accounting as of December, the market mainly focused on collections, with early transactions and procurement for immediate needs. After the holiday, orders were placed based on pre-Chinese New Year demand. Market production was relatively relaxed this week.
Jewelry: Due to weak jewelry demand in December, some factories in the market had no orders, and some enterprises began their Chinese New Year break starting from New Year’s Day.

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