Silver Market Report July 2014

Contents
Abstract 2
1 Domestic financial overview 3
1.1 CPI up by 2.Asian Metal Copyright1 Chinese silver imports down by 0.Asian Metal Copyright3% and PPI down by 1.1% YOY in June 3
1.2 July PMI hits another new high 3
2 International financial overview 4
2.1 Crude oil futures prices fall back 4
2.2 US dollar Index continues to climb 5
3 Company news 6
4 Chinese domestic market review 7
4.1 Silver ingot market sees wait-and-see attitude and price fluctuates narrowly 7
4.2 Smelters sell silver actively and stocks low 8
5 International market review 8
5.1 Tight geopolitics ease and US stocks retreat Loco London Silver consolidates narrowly 8
5.2 High gold stocks retreat and silver inventory stays low 9
6 Production data 10
6.1 Main Chinese silver smelters’ output down by 1.3% MOM in July 10
6.2 Silver ingot stocks at Chinese primary smelters down by 7.79% MOM by the end of July 11
7 Import and Export data analysis 12
7.1 Chinese silver imports down by 0.47% MOM in June 12
7.2 Chinese silver ore and concentrate imports up by 22.56% MOM in June 15
7. 3 Chinese gold ore and concentrate imports down by 45.73% MOM in June 16
8 Related industry developments 21
8.1 Lead-silver smelters with short raw material supply 21
8.2 Palladium powder price rides high on continuing supply concerns 21
9 Outlook for August 22


Picture

Picture 2 China’s CPI and PPI trend between 2012 and 2014 5
Picture 3 China’s PMI between 2012 and 2014 6
Picture 4 US crude oil futures price trend on major transaction market in July 7
Picture 5 US dollar index trend 8
Picture 6 Chinese silver ingot prices in July 2014 9
Picture 7 Loco London Silver trend in July 10
Picture 8 Gold inventories of 8 main ETFs in the world Jan-Jul 2014 11
Picture 9 Silver inventories of iShare Silver trust Jan-Jul 2014 11
Picture 10 Chinese main silver smelters’output Jan-Jul 2014 12
Picture 11 Silver ingot stocks in China Jan-Jul 2014 13
Picture 12 China’s silver imports and exports from Jan 2013 to Jun 2014 14
Picture 13 Unit price of CIF China for silver Jan 2013-Jun 2014 15
Picture 14 China silver ore and concentrate import Jan 2013-Jun 2014 16
Picture 15 China silver ore and concentrate imports by region Jan 2013-Jun 2014 17
Picture 16 China gold ore and concentrate imports in H1 2014 18
Picture 17 China gold ore and concentrate by regions 19
Picture 18 Palladium powder 99.95% prices in July 2014 22


Table 1 Silver ingot stocks at the end of June and July 12
Table 2 the top ten silver exporters in June 14
Table 3 China’s silver imports by product category in June 14
Table 4 the top ten exporters of silver in June 16
Table 5 the top ten exporters and their exports to China in June 18
Table 6 the top ten gold ore and concentrate importers in June 2014 and their imports 19
Table 7 the itemized data for China’s import gold ore and concentrate in June 19

.Asian Metal Copyright3% and PPI down by 1Asian Metal Copyright