Silver fabrication demand is expected to witness moderate recovery in
2014 due to slowdown in economic slowdown in China. Silver fabrication
demand has been weak in 2011 and 2012 due to higher prices after
attaining a..
MUMBAI (Commodity Online):
Silver may witness
moderate gains in first half of 2014 as US Fed tapering and slowdown in
China will impact market sentiments in the precious industrial metal,
according to Nirmal Bang Commodities & FX Year Book 2014.
Silver prices have fallen sharply from $32/ounce to $18.50/ounce, a
correction of more than 40% in a year. Silver has higher beta than gold,
thus in line with correction in gold, silver too crashed in 2013. The
major fundamental reasons for correction in silver were massive surplus,
diminishing demand prospects and correction in gold prices. Silver
market is in a major surplus since the start of 2012 and it continues to
surge. Surplus in silver has been growing at a rapid pace since the
start of 2012. The total cash cost of silver mines is expected to be
around $9/ounce. But since only 23% total silver production comes from
direct silver mine, it’s unimportant.
Silver fabrication demand is expected to witness moderate recovery in
2014 due to slowdown in economic slowdown in China. Silver fabrication
demand has been weak in 2011 and 2012 due to higher prices after
attaining a peak in 2010. Positive manufacturing data from across the
globe may lead to increased fabrication demand.
Curbs on India gold imports helped raise demand for silver in
jewellery indsutry. India's imports rose to 4073 tons from January to
August 2013 as against total imports of 1921 tons in 2012. Jewellery
fabrication demand is expected to rise 6% in 2014.
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