India’s silver imports could tumble as scrap supplies surge, importers say

MUMBAI India’s silver imports are likely to fall by more than 40 percent from a year ago to the lowest level in eight years, with investors booking profit by selling stocks after local prices rallied to a record high this month, leading importers said.

Lower imports by the world’s biggest silver consumer could weigh on global prices that have risen more than 50% so far in 2020.

“Investors, who bought silver at higher levels, got an opportunity to exit after a long time. For some, even after a decade,” said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

Their selling will reduce import requirement for 2020 to 3,000 tonnes, the lowest since 2012, he said.

India imported 5,598 tonnes of silver in 2019, according to data compiled by Refinitiv GFMS. The country fulfills most of its silver requirement through imports.

Investors are sceptical whether silver will hold recent gains, said Prithviraj Kothari, managing director of RiddiSiddhi Bullions.

“There is rush from sellers but very few buyers are there. Sellers are forced to accept hefty discount,” he said.

Local silver futures were trading around 66,800 rupees per kg on Thursday afternoon after hitting a record high of 77,949 rupees earlier this month.

But in the spot market silver was offered at discount of more than 5,000 rupees per kg due to weak demand, Thakkar said.

India’s silver imports in the first seven months of the year nearly halved from a year ago to 1,900 tonnes and it is unlikely to rise again unless prices correct sharply, said a Mumbai based dealer with a bullion importing bank.

Also Watch

“I Am Legal Heir,” Says Sushant Singh Rajput’s Father KK Singh

Demand from jewellery and industry is negligible as millions of people have lost or have to accept a pay cut, said the dealer, adding: “Sentiments are very weak in retail market.”

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


Array
(
[videos] => Array
(
[0] => Array
(
[id] => 5f3e4699082aa874143e460b
[youtube_id] => 7DvNIxeaKsc
India’s silver imports could tumble as scrap supplies surge, importers say => “I Am Legal Heir,” Says Sushant Singh Rajput’s Father KK Singh
)

[1] => Array
(
[id] => 5f3e4299082aa874143e450c
[youtube_id] => b5fcm6L_r_4
India’s silver imports could tumble as scrap supplies surge, importers say => Making History as VP Pick Kamala Harris, Says ‘There Is No Vaccine For Racism’ | CNN News18
)

)

[query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c278c2f2492e214884,5d96f74de3f5f312274ca307&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-17T15:32:03.000Z&publish_max=2020-08-20T15:32:03.000Z&sort_by=date-relevance&order_by=0&limit=2
)

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Los Angeles Rams Finally Release Puzzling New Uniforms

An on-paper look at the new uniforms for the...

ECB Adds To QE, European Credibility On The Rise

FRANKFURT AM MAIN, GERMANY - MARCH 12: Christine Lagarde,...

Council Post: Four Lessons To Help You Move Forward...

During times when our connection to others is maintained primarily through virtual methods,...