Silver Market Report December 2014

Abstract 1
1 Chinese domestic financial overview 1
1.1 CPI up by 1.Asian Metal Copyright67% MOM in November 13 7.Asian Metal Copyright4% and PPI down by 2.7% YOY in November 1
1.2 PMI down by 0.2% in December 2
2 International financial overview 3
2.1 Crude oil futures prices continued to slide 3
2.2 US dollar remained strong in December 4
3 Company news 5
3.1 Guangxi Shengfu Smelting to build a new silver recovery plant 5
3.2 Yindu Mining’s lead-zinc-silver mine halts production 5
3.3 Jingui’s lead and silver production and sales in Jan-Sep 2014 5
4 Chinese domestic market review 6
4.1 Silver prices recover gradually on Chinese market in December 2014 6
4.2 Demand for silver remains weak in China, discount for silver increases 7
5 International market review 7
5.1 London Silver fluctuate widely during December 7
5.2 Silver ETFs stocks continue to decline in December 8
6 Production data 9
6.1 Major Chinese silver smelters’ silver output down by 0.72% MOM in December 9
6.2 Silver ingot stocks at major Chinese silver smelters up by 6.57% MOM in late December 2014 12
7 Import and export data analysis 13
7.1 China’s silver ore/concentrate imports up by 91.67% MOM in November 13
7.2 China’s silver imports up by 17.81% MOM in November 2014 15
7.3 China’s gold ore/concentrate imports up by 122.15% MOM in November 18
8 Related industry developments 22
8.1 Lead ingot prices slump in December 22
8.3 Chinese palladium powder prices head up in December 23
9 Outlook for silver market 24


Graph

Graph 1 CPI and PPI in China 2
Graph 2: China’s PMI in 2012-2014 3
Graph 3: US crude oil futures price trend on major transaction market in December 4
Graph 4: US dollar index trend 5
Graph 5: Chinese silver ingot prices in December 2014 7
Graph 6: Loco London Silver trend in December 8
Graph 7: Silver inventories of iShare Silver trust Jan-Dec 2014 9
Graph 8: Ratios of silver smelters in different scales in China 10
Graph 9: Chinese main silver smelters’ outputs Jan-Dec 2014 11
Graph 10: Silver ingot stocks in China Jan-Dec 2014 12
Graph 11: 1 China silver ore and concentrate imports Jan 2013- Nov 2014 14
Graph 12: China’s silver imports by product category and proportions in November 17
Graph 13: China’s gold ore and concentrate import Jan-Nov 2014 19
Graph 14: Loco London Palladium prices in 2014 23
Graph 15: Palladium powder 99.95% prices in December 2014 24


Table 1: Silver output in Hunan, Henan and Zhejiang in December 10
Table 2 Silver ingot stocks held by smelters in Henan, Zhejiang, Gansu in December 12
Table 3 China’s silver ore and concentrate imports by region in November 14
Table 4: China’s silver import volumes and origins in November 15
Table 5: China’s silver imports by product category in November 17
Table 6: China’s silver export by country in November 18
Table 7: China’s silver exports by product category in November 18
Table 8: China’s gold ore/concentrate imports by country in November 19
Table 9: China’s gold ore/concentrate imports by country Jan-Nov 2014 20
Table 10 Top ten gold ore and concentrate importers in China in November 2014 21



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