Silver market report May 2014

Contents
Abstract 1
1. Domestic financial overview 1
1.1 CPI up by 1.Asian Metal Copyright5 Chinese gold ore and concentrate imports up by 5.Asian Metal Copyright8%, PPI down by 2.6% YOY in April 1
1.2 PMI keeps rebounding in May 2
2 International financial overview 3
2.1 Future prices of crude oil rebound slightly 3
2.2 US index higher 3
3 Company news 4
4 Chinese domestic market review 5
4.1 Silver supply tight in China and premium stays at a high level 5
4.2 Supply of crude silver tight and some smelters with low production 5
5 International market review 6
5.1 The US economy pulls up stocks and Loco London Silver turns down 6
5.2 Save-haven appeal shrinks and gold stocks stay low 6
6 Production data 7
6.1 Chinese main silver smelters’ output up by 1.67% MOM in May 7
6.2 Silver ingot stocks at Chinese primary smelters down by 13.79% MOM by the end of May 8
7 Import and Export data analysis 10
7.1 Chinese silver imports down by 26.06% MOM in April 10
7.2 Chinese silver ore and concentrate imports up by 42.85% MOM in April 11
7.3 Chinese palladium imports up by 19.67% MOM in April 13
7.4 Chinese platinum imports down by 13.09% MOM in April 14
7.5 Chinese gold ore and concentrate imports up by 5.97% MOM in April 15
8 Related industry developments 18
8.1 Crude silver and anode mud supply becomes tight and smelters keep low operating rate 18
8.2 Palladium powder price goes up on supply concerns 19
9 Outlook for June 19
Picture
Picture 1 China’s CPI and PPI trend during 2012-2014 2
Picture 2 China’s manufacturing PMI trend from 2012-2014 2
Picture 3 Dominant contract prices of crude oil futures in US 3
Picture 4 US dollar index trend 4
Picture 5 Chinese silver ingot prices in May 2014 5
Picture 6 Loco London Silver trend in May 6
Picture 7 Gold inventories of 8 main ETFs in the world Jan-May 2014 7
Picture 8 Silver inventories of iShare Silver trust Jan-May 2014 7
Picture 9 Chinese main silver smelters’ output Jan-May 2014 8
Picture 10 Silver ingot stocks in China Jan-May 2014 9
Picture 11 silver imports and exports 2013-2014 10
Picture 12 Chinese silver ore and concentrate import by exporters 2013-2014 12
Picture 13 Chinese palladium imports 2013-2014 13
Picture 14 China’s platinum imports 2013-2014 14
Picture 15 China’s gold ore and concentrate imports by region April 2014 15
Picture 16 Palladium powder 99.95% prices in May 2014 19

Table 1 Silver ingot stocks in Henan, Zhejiang and Gansu provinces 8
Table 2 the top ten silver importers from China in April 2014 10
Table 3 China’s silver exports by product category in April 11
Table 4 China’s silver ore and concentrate imports April 2014 11
Table 5 The three largest palladium exporters to China in April 2014. 13
Table 6 The three largest platinum exporters to China in April 2014. 14
Table 7 The top ten exporters and their exports to China in April 15
Table 8 The top ten gold ore and concentrate importers in April 2014 and their imports 16
Table 9 The itemized data for China’s import gold ore and concentrate in April 16

.Asian Metal Copyright2 Silver ingot stocks at Chinese primary smelters down by 13Asian Metal Copyright