Latest Update in the SMM Silver Market

Yesterday, the US October ADP employment number was announced at 233,000, significantly higher than the previous value of 159,000 and the expected value of 114,000, which was bearish for silver prices.

SMM, Oct 30: Driven by multiple policies this year, the demand for silver in the electrical alloy industry has increased compared to last year, with a noticeable improvement in order volume.

Driven by multiple policies this year, the demand for silver in the electrical alloy industry has increased compared to last year, with a significant improvement in order volume.

In September, the export volume of unwrought silver with a purity of ≥99.99% was 362.9 mt, up 14% MoM.

In September, SMM data showed production of 1# silver increased MoM and also showed a YoY increase.

This week, the US Fed meeting minutes were released, explaining the unexpected 50 basis point interest rate cut in September.

During the National Day holiday, spot silver prices began to climb above $32/ounce from the 2nd.

In August, imports of unwrought silver with a purity of ≥99.99% were 24.8 mt, down 76.6% MoM.