Silver Market Report November 2014

Contents

Abstract 1
1 Chinese domestic financial overview 1
1.1 CPI up by 1.Asian Metal Copyright91% MOM in October 20 8 Related industry developments 23 8.Asian Metal Copyright6% and PPI down by 2.2% in October YOY 1
1.2 PMI down by 0.5% in November 2
2 International financial overview 3
2.1 Crude oil futures prices tumbled by 18.6% 3
2.2 US dollar index slightly climbs in November 4
3 Company news 4
3.1 Minshan Nonferrous’s silver ingot output increases in November 4
3.2 Zhenxing Lead’s silver plant to start operation in early 2015 5
3.3 Shanjin Silver & Lead starts producing refined lead in early November 5
3.4 Chengxin Nonferrous Metal’s silver smelter to start operation in January 2015 5
4 Chinese domestic market review 5
4.1 Silver prices slump in early November but bounce back in the second half of the month 5
4.2 China’s silver ingot supply increases, premium declines in November 6
5 International market review 7
5.1 London Silver fluctuate widely during November 7
5.2 Gold ETF stocks on the decline while silver ETFs stocks recover in November 8
6 Production data 10
6.1 Major Chinese silver smelters’ silver output up by 2.47% MOM in November 10
6.2 Silver ingot stocks at major Chinese silver smelters up by 15.12% MOM in late November 2014 13
7 Import and export data analysis 14
7.1 China’s silver ore/concentrate imports down by 75.51% MOM in October 14
7.2 China’s silver imports down by 14.81% MOM in October 2014 16
7.3 China’s gold ore/concentrate imports down by 37.91% MOM in October 20
8 Related industry developments 23
8.1 China’s lead concentrate imports increase and lead smelters lift output 23
8.3 Trading in the Chinese palladium powder market slow in November 24
9 Outlook for silver market 25


Graph

Graph 1: China’s CPI and PPI trend in 2012-2014 2
Graph 2: China’s PMI in 2012-2014 2
Graph 3: US crude oil futures price trend on major transaction market in November 3
Graph 4: US dollar index trend 4
Graph 5: Chinese silver ingot prices in November 2014 6
Graph 6: Loco London Silver trend in November 8
Graph 7: Gold inventories of the eight main ETFs worldwide Jan-Nov 2014 9
Graph 8: Silver inventories of iShare Silver trust Jan-Nov 2014 10
Graph 9: Ratios of silver smelters in different scales in China 11
Graph 10: Chinese main silver smelters’ outputs Jan-Nov 2014 12
Graph 11: Silver ingot stocks in China Jan-Nov 2014 13
Graph 12: 1 China silver ore and concentrate imports Jan 2013-Oct 2014 15
Graph 13: China’s silver imports by product category and proportions in October 18
Graph 14: China’s gold ore and concentrate import Jan-Oct 2014 20
Graph 15: Loco London Palladium prices in 2014 24
Graph 16: Palladium powder 99.95% prices in November 2014 25


Table 1: Silver output in Hunan, Henan and Zhejiang in November 11
Table 2 Silver ingot stocks held by smelters in Henan, Zhejiang, Gansu in November 13
Table 3 China’s silver ore and concentrate imports by region in October 15
Table 4: China’s silver import volumes and origins in October 16
Table 5: China’s silver imports by product category in October 17
Table 6: China’s silver export by country in October 18
Table 7: China’s silver exports by product category in October 19
Table 8: China’s gold ore/concentrate imports by country in October 20
Table 9: China’s gold ore/concentrate imports by country Jan-Oct 2014 21
Table 10 Top ten gold ore and concentrate importers in China in October 2014 22

.Asian Metal Copyright2 Silver ingot stocks at major Chinese silver smelters up by 15Asian Metal Copyright