Silver Market Report November 2014

Contents

Abstract 1
1 Chinese domestic financial overview 1
1.1 CPI up by 1.Asian Metal Copyright2 PMI down by 0.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 PMI down by 0Asian Metal Copyright