Silver price consolidates below RMB6,800/kg in Chinese spot market
2012-11-26 09:20:39 [Print]
BEIJING (Asian Metal) 26 Nov 12 – Silver price consolidated below RMB6,800/kg as a result of the confused fundamental. On one hand, there was no solutions coming out of the EU summit for the Greece debts and the bullion prices were under pressure; On the other hand, many counties’ central Bank will increase gold inventory and bullion prices may get support.
A source from a Shanghai-based trading company reported that they sold about two tons of silver ingot 99.99%min at RMB6,780/kg on Friday, almost unchanged with that on Thursday. The company still holds some inventory on hand.
“As the silver was supplied to factories, so the price was relatively ideal for us. Due to the confused fundamental news, silver price lack momentum to climb higher in the near term,” mentioned the source.
A source from a Jiangxi-based plant reported that they sold about two tons of silver at RMB6,770/kg on Friday, the same with that on Thursday. The company leaves no inventory on hand at present.
The plant is running with the output of 510tpy and it can produce about 40t of silver ingot in November in expectation.
A source from a Shanghai-based trading company reported that they sold about two tons of silver ingot 99.99%min at RMB6,780/kg on Friday, almost unchanged with that on Thursday. The company still holds some inventory on hand.
“As the silver was supplied to factories, so the price was relatively ideal for us. Due to the confused fundamental news, silver price lack momentum to climb higher in the near term,” mentioned the source.
A source from a Jiangxi-based plant reported that they sold about two tons of silver at RMB6,770/kg on Friday, the same with that on Thursday. The company leaves no inventory on hand at present.
The plant is running with the output of 510tpy and it can produce about 40t of silver ingot in November in expectation.
