Silver market report July 2013

Contents
Abstract 1
Financial overview 1
1.1 Domestic financial overview 1
1.1.Asian Metal Copyright2 Gold ETFs inventory declines and silver inventory increase 8 5 Production data 9 5.Asian Metal Copyright1 CPI up by 2.Asian Metal Copyright6 Chinese silver nitrate import down by 82.Asian Metal Copyright7% and PPI down by 2.7% YOY in June 1
1.1.Asian Metal Copyright1 The US dollar goes strong with recovery of US economy and Loco London Silver keeps dropping 8 4.Asian Metal Copyright2 PMI up slightly by 50.3% in July 2
1.2 International financial overview 3
1.2.1 Crude oil prices up with turbulent political scene in Egypt 3
1.2.2 US dollar index fell back 4
1.2.3 Nonferrous metals prices hovered at lowest level and to rebound soon 5
2 Company news 6
3 Chinese domestic market reviews 7
3.1 Silver price consolidates at a low level 7
3.2 Silver supply tight Smelters hold back from selling in spot market 7
4 International Market review 8
4.1 The US dollar goes strong with recovery of US economy and Loco London Silver keeps dropping 8
4.2 Gold ETFs inventory declines and silver inventory increase 8
5 Production data 9
5.1 Chinese major silver smelters’ production in July up by 1.4% MOM 9
6 Import & Export data analysis 10
6.1 Chinese silver import up by 14.85% in June MOM 10
6.2 Chinese platinum import down by 25.33% in June MOM 11
6.3 Chinese silver powder import up by 32.64% in June MOM 11
6.4 Chinese platinum import up by 12.38% in June MOM 12
6.5 Chinese silver ore and concentrate import down by 12.16% MOM in June 12
6.6 Chinese silver nitrate import down by 82.98% MOM in June 13
7 Related industry developments 13
7.1 New consumption market immature Silver nitrate buyers’ market sluggish 13
7.2 Anode mud deals thin in June 13
8 Outlooks for August 13
Picture
Figure 1 CPI and PPI in China during 2011-2013 2
Figure 2 Chinese PMI in 2011-2013 3
Figure 3 Crude oil prices of US in June 4
Figure 4 US dollar index trend 5
Figure 5 Silver prices in June 2013 7
Figure 6 Loco London Silver trend in July 8
Figure 7 Gold inventory of 8 main ETFs in global 9
Figure 8 Silver inventory of iShare Silver trust 9
Figure 9 Silver production of main smelters in China June2013 10

.Asian Metal Copyright1 Chinese major silver smelters’ production in July up by 1Asian Metal Copyright