The price of spot silver showed mixed performance during the CNY. The spot silver opened at $22.555/ounce on Feb 12, and opened at $22.935/ounce on Feb 16. The price of spot silver fell back in the night session. Last Tuesday, the US seasonally adjusted CPI annual rate for the end of January was 3.1%, which was 3.4% lower than the previous value and 2.9% higher than expected. The US seasonally adjusted CPI monthly rate for January was 0.3%, higher than the previous value and expected value 0.2%; the monthly rate of US retail sales in January was -0.8%, lower than the previous value of 0.4% and the expected value of -0.1%. Economic data were affected by negative and positive factors, so the price of spot silver fluctuated slightly during CNY. It is expected that the price of SHFE silver will rise after CNY.The price of spot silver showed mixed performance during the CNY. The spot silver opened at $22.555/ounce on Feb 12, and opened at $22.935/ounce on Feb 16. The price of spot silver fell back in the night session. Last Tuesday, the US seasonally adjusted CPI annual rate for the end of January was 3.1%, which was 3.4% lower than the previous value and 2.9% higher than expected. The US seasonally adjusted CPI monthly rate for January was 0.3%, higher than the previous value and expected value 0.2%; the monthly rate of US retail sales in January was -0.8%, lower than the previous value of 0.4% and the expected value of -0.1%. Economic data were affected by negative and positive factors, so the price of spot silver fluctuated slightly during CNY. It is expected that the price of SHFE silver will rise after CNY.
Most companies took CNY holiday in accordance with national statutory holidays and was expected to resume work on Feb 18. During the CNY, some companies can carry out spot pricing, but due to logistics and price issues, the market's willingness to purchase is not high, and most of them focus on preparing raw materials for production before CNY. Among the PV industry companies, those with more orders and production resumed earlier, and most of the rest resumed work on Feb 18. The PV industry has significantly longer holidays this year than last year. Formal orders in some terminal industries will appear after Feb 24. Now most companies returning to work mainly schedule production based on orders before CNY. If there are not many orders, the holiday time will be slightly longer.
