Silver Market Report November 2015

Abstract 3
1 Company News 3
1.1 Glencore: Streaming Transaction - Antamina 3
1.2 Vedanta’s silver output up by 50% YOY during H1 FY2016 3
1.3 Zhuzhou Smelter’s lead output to reach 100,000t in 2015 3
1.4 Yindu Mining’s lead-zinc-silver mine to halt production in early December 4
２Chinese domestic market review 4
2.1 Chinese silver prices decline continuously during November 4
2.2 Discounts for silver ingot prices widen in China during November 5
３International market review 5
3.1 Loco London silver drop further during November 5
3.2 Silver ETF stocks recover during November 6
4 Production data 7
4.1 Major Chinese silver smelters’ silver output up by 0.97% MOM in November 7
4.2 Silver ingot stocks at major Chinese silver smelters up by 7.75% MOM in late November 2015 9
5 Import and export data analysis 10
5.1 China’s silver ore/concentrate imports up by 35.53% MOM in October 10
5.2 China’s silver imports down by 16.57% MOM in October 12
6 Related industry developments 14
6.1 London palladium prices decline further during November 14
6.2 Chinese palladium powder prices drop during November 14
7 Outlook for silver market 15

Graph and Table
Graph 1 Chinese silver ingot prices in Oct-Nov 2015 5
Graph 2 Loco London Silver trend in Oct-Nov 2015 6
Graph 3 Silver inventories of iShare Silver trust in Jan-Nov 2015 6
Graph 4 Proportion of silver smelters of differing scales in China 7
Graph 5 Major Chinese smelters’ silver output from January 2014 to November 2015 8
Graph 6 Silver inventories held by smelters in China from January 2014 to November 2015 9
Graph 7 China’s silver ore/concentrate imports from January 2014 to October 2015: 10
Graph 8 China’s silver import volume in Jan 2014 – Oct 2015: 13
Graph 9 Loco London Palladium prices between January and November 2015 14
Graph 10 Palladium powder 99.95% prices in Jul-Nov 2015 15

Table 1 Silver output in Hunan, Henan and Zhejiang in November 8
Table 2 Silver ingot stocks in Henan, Zhejiang and Gansu provinces 9
Table 3 China’s silver ore/concentrate imports in October 11
Table 4 Silver ore/concentrate import enterprises in October 11
Table 5 Silver imports by product category in October 13

.Asian Metal Copyright95% prices in Jul-Nov 2015 15 Table 1 Silver output in Hunan, Henan and Zhejiang in November 8 Table 2 Silver ingot stocks in Henan, Zhejiang and Gansu provinces 9 Table 3 China’s silver oreconcentrate imports in October 11 Table 4 Silver oreconcentrate import enterprises in October 11 Table 5 Silver imports by product category in October 13 Asian Metal Copyright