China H1 2017 Silver imports climb to highest level in nearly seven years

(July 25, 2017 - by Scrap Register)

China’s silver imports have been robust so far this year, pointed out Commerzbank.

Rising demand for silver in two of the world’s largest consumers, China and India, since the beginning of this year is seen raising hopes of a better price performance for the metal.

A precious metal and industrial metal at once, silver generally follows the footsteps of its more sought-after sibling, gold.

The first half of this year has been no different. In the initial months, silver prices rose two per cent on strong investment demand and in line with gold.

Analysts at Commerzbank cited a data from customs authorities showing that China imported around 330 tons of silver in June, which is up 34% from last June.

The figures show that 1,984 tons of silver were imported in the first half year – 37% more than in the same period last year and the highest first-half-year silver imports in seven years, Commerzbank added.