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Silver prices have hit a two-year low as industrial demand from top consumer China remain low following strict COVID-19 restrictions in the country.
Price Movement: Silver futures were trading at $18.51 per troy ounce on Monday. This is 32% lower than the highs seen in March this year and quite near the lowest level since July 2020 hit earlier this month.
Market Dynamics: Close to half the global silver supply is consumed for industrial uses by sectors involved in automotive components and electronics, among others. Experts have indicated demand from these sectors is set to dampen further. Fears of a recession following aggressive rate hikes by the U.S. Federal Reserve have also weakened sentiment.
Also Read: Oil Hits 1-Week Low As EU Eases Russian Sanctions, US Demand Concerns Grow
Long and Short Positions: Short positions by large traders totaled about 50,000 contracts as of July 12, marking a 32-month high post rising for three consecutive weeks, reported Nikkei Asia. Buy positions slumped to three-year lows, at just above 3,000 contracts on a net basis.
Demand Dynamics: Industrial demand for silver is set to grow 6% to 16,783 tons this year, according to the international research organization Silver Institute. The group forecasts a supply shortage of 2,224 tons.
Asset Prices: The iShares Silver Trust (NYSE:SLV) has lost more than 19% since the beginning of the year. The ProShares Ultra Silver (NYSE:AGQ) has lost more than 39% since January 2022 while the abrdn Physical Silver Shares ETF (NYSE:SIVR) too has shed over 18%.
