Silver ingot market trading slow
2013-10-18 11:02:31 [Print]
BEIJING (Asian Metal) 18 Oct 13 – Buyers obtain silver from hand to mouth and suppliers release the metal prudently in Chinese spot market. Concluded prices of silver ingot 99.99%min were RMB4,300-4,345/kg (USD21.77-22/oz) on Thursday morning.
A source from a Shanghai-based trading company revealed that they sold 400kg of silver ingot at RMB4,320/kg (USD21.87/oz) with RMB30/kg (USD0.15/oz) of discount on 12-month silver at SHFE on Thursday morning. After the price broke RMB4,300/kg (USD21.77/oz)in the afternoon, they quit releasing silver to spot market. The concluded price on Wednesday was RMB4,270/kg (USD21.62/oz).
According to the source, most of the silver was supplied to traders as demand from end-users is thin. Due to the low price and unclear direction, they leave no inventory on hand.
A buyer from Beijing, with the consumption of one ton of silver per month, noted that due to the high prices of RMB4,300-4,345/kg (USD21.77-22/oz) on Thursday morning, they did not purchase the metal. They obtained 300kg of silver at RMB4,290/kg (USD21.72/oz)on Monday and still hold 300kg of inventory.
The source mentioned that their silver consumption stayed at 600kg per month in the first half of 2013 and demand increased to 1.1t in September. On the one hand, their orders increased in the second half of the year; on the other hand, in the end of September, they made replenishment for National Day holiday.
A source from a Shanghai-based trading company revealed that they sold 400kg of silver ingot at RMB4,320/kg (USD21.87/oz) with RMB30/kg (USD0.15/oz) of discount on 12-month silver at SHFE on Thursday morning. After the price broke RMB4,300/kg (USD21.77/oz)in the afternoon, they quit releasing silver to spot market. The concluded price on Wednesday was RMB4,270/kg (USD21.62/oz).
According to the source, most of the silver was supplied to traders as demand from end-users is thin. Due to the low price and unclear direction, they leave no inventory on hand.
A buyer from Beijing, with the consumption of one ton of silver per month, noted that due to the high prices of RMB4,300-4,345/kg (USD21.77-22/oz) on Thursday morning, they did not purchase the metal. They obtained 300kg of silver at RMB4,290/kg (USD21.72/oz)on Monday and still hold 300kg of inventory.
The source mentioned that their silver consumption stayed at 600kg per month in the first half of 2013 and demand increased to 1.1t in September. On the one hand, their orders increased in the second half of the year; on the other hand, in the end of September, they made replenishment for National Day holiday.
