Latest Update in the China Silver Market

According to the Bureau of Geology and Mineral Exploration and Development of Henan Province, a super large gold mine has been discovered near Weishancheng, Zhuzhuang Town, Tongbai County in Henan.

On October 26, the People's Bank of China (PBOC) implemented a seven-day reverse repo of 200 billion yuan in the open market, with the bidding interest rate of 2.20%.

In response to the recent hot events in the real estate industry, many Chinese regulatory agencies have recently intensively spoken out on different occasions.

The National Development and Reform Commission (NDRC) will do its best to ensure the stability of the supply and prices of bulk commodities, Jiang Yi, deputy director of the NDRC’s System Reform Department, stated at the NDRC press conference held on October 21.

The US dollar dipped on Tuesday as the rapid rise in U.S. Treasury yields paused and other currencies, including sterling, were boosted by expectations of sooner-than-previously expected interest rate hikes.

The US dollar dipped on Monday after data showed production at U.S. factories fell by the most in seven months in September, erasing earlier gains on expectations that the Federal Reserve may be closer to raising interest rates than previously expected.

From the perspective of the import and export market, the domestic demand for silver increased in 2020, with both imports and exports higher than 2019. The demand for silver stood at about 20,890 mt in 2020, up 2.48% YoY. 

The output of copper cathode in September stood at 802,900 mt in September, down 2% on the month and up 0.4% on the year.