As the prices of raw materials rose with silver prices, SMM predicts that silver production may be slightly lower in April.
On the macro side, ADP said private-sector employment in the United States rose by around 145,000 in March, lower than the previous value of 242,000 and the expected value of 200,000; the EIA crude oil inventory in the US for the week ending March 31 was -3.739 million barrels, higher than the previous value of -7.489 million barrels, and lower than the expected value of -2.320 million barrels; the number of initial jobless claims in the US for the week ending April 1 was 228,000, higher than the previous value of 198,000 and the expected value of 200,000. A string of positive economic data in the US has continuously pushed up silver prices.
Notes: SMM has released Chinese silver output since February 2021. Silver is mostly associated with copper-lead-zinc mines. Thanks to high coverage of the base metals industry, SMM has undertaken a survey of 45 silver manufacturers, which are located in 17 provinces across China, with a total capacity of nearly 24,000 mt and a total capacity coverage rate of over 99%.
