Commodity Weekly Insights : Silver Report by Geojit Financial Services
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Silver
Silver spot tested a 12 year high amid hopes of further rate cuts from Federal Reserve, monetary stimulus from China and strong imports from India. Simmering geopolitical tensions also boosted sentiments.
Global Economy
* Most global equity gauges were on negative terrain last week, while China’s SSE composite index gained 1.17% on stimulus hopes.
* China’s parliament expected to reveal more fiscal stimulus plans after the highly anticipated meeting on November 4 to 8.
* China cut benchmark lending rates as part of a package of stimulus measures to revive the economy.
* U.S. inflation rate slowed for a sixth consecutive month to 2.4% in September 2024, the lowest since February 2021.
Currencies
* U.S. dollar index marked a three month high last week. The greenback gained 0.74% against a basket of six currency rivals last week and settled at 104.25 mark.
* Euro slipped 0.67% against U.S. dollar, Japanese Yen shed 1.83% while Chinese Yuan slipped 0.26% in last week. Meanwhile, Indian Rupee moderated against USD, and settled at 84.09 last week.
Silver
* Silver prices in LBMA and COMEX tested 12 year highs.
* Global silver demand is expected to increase by 1% to 1.2 billion ounces in 2024, driven by robust industrial end-uses and a rebound in jewelry and silverware demand. - The Silver Institute
* Meanwhile, the total global silver supply is anticipated to increase by 3% in 2024, reaching an eight-year high of 1.02 billion ounces, driven primarily by a recovery in mine output.
* India's silver imports expected to double in 2024, driven by surging demand from Photovoltaic solar panel and electronics manufacturers.
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