Silver Market Report June 2014

Contents
Abstract 3
1 Domestic financial overview 3
1.1 CPI up by 2.Asian Metal Copyright1 Crude oil futures prices increase with fluctuations 5 2.Asian Metal Copyright5% and PPI down by 1.4% YOY in May 3
1.2 PMI up by 0.2% in June 4
2 International financial overview 5
2.1 Crude oil futures prices increase with fluctuations 5
2.2 US dollar index declines after skyrocketing 6
3 Company news 7
4 Chinese domestic market review 7
4.1 Safe-haven demand stimulates precious metals prices and silver price climbs to three-month high point 7
4.2 Smelters reduce silver stocks actively 8
5 International market review 9
5.1 Tensions in Middle East stimulate Loco London Silver 9
5.2 Gold stocks recover while silver inventories decline 9
6 Production data 10
6.1 Main Chinese silver smelters’ output down by 3.16% MOM in June 10
6.2 Silver ingot stocks at Chinese primary smelters down by 61.5% MOM by the end of June 11
7 Import and Export data analysis 13
7.1 Chinese silver imports up by 16.02% MOM in May 13
7.2 Chinese silver ore and concentrate imports down by 1.6% MOM in May 14
7.5 Chinese gold ore and concentrate imports up by 61.88% MOM in May 16
8 Related industry developments 20
8.1 Crude silver and anode mud supply becomes tight and smelters’ silver outputs influenced 20
8.2 Palladium powder price lingers highly on continuous supply concerns though strike ends 20
9 Outlook for July 21

Picture
Picture 1 China's CPI and PPI trend in 2012-2014 4
Picture 2 PMI index of Chinese manufacturing industry 5
Picture 3 Crude oil futures prices trend in the US major transaction market in June 6
Picture 4 US dollar index trend 6
Picture 5 US dollar index trend 7
Picture 6 Chinese silver ingot prices in June 2014 8
Picture 7 Loco London Silver trend in June 9
Picture 8 Gold inventories of 8 main ETFs in the world Jan-Jun 2014 10
Picture 9 Silver inventories of iShare Silver trust Jan-Jun 2014 10
Picture 10 Chinese main silver smelters’ outputs Jan-Jun 2014 11
Picture 11 Silver ingot stocks in China Jan-Jun 2014 12
Picture 12 Chinese silver ore and concentrate imports by regions 2014-2014 15
Picture 13 Chinese gold ore and concentrate imports Jan-May 2014 16
Picture 14 Chinese gold ore and concentrate imports by regions May 2014 17
Picture 15 Palladium powder 99.95% prices in June 2014 21

Table 1 Silver ingot stocks at the end of May and June 12
Table 2 the top ten silver exporters in May: 13
Table 3 China’s silver imports by product category in May: 13
Table 4 Chinese silver ore and concentrate imports 2013-2014 14
Table 5 top ten exporters of silver ore and concentrate to China May 2014 15
Table 6 The top ten exporters and their exports to China in May. 16
Table 7 the top ten gold ore and concentrate importers in May 2014 and their imports 17
Table 8 the itemized data for China’s import gold ore and concentrate in May 18


.Asian Metal Copyright1 Crude silver and anode mud supply becomes tight and smelters’ silver outputs influenced 20 8Asian Metal Copyright