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Weekly Silver Review: Demand Trends Offer Good Support
(20-Apr-2024, 12:26 Hours IST)  
Silver futures have been locked in a range after hitting near three year highs of $30 per ounce and consolidated around $29 per ounce mark. The metal has moved up at a blistering pace over the last few weeks on firm industrial demand trends and soaring Copper prices. Global Demand for silver in the PV industry increased by 64% from 118.1 million ounces (Moz) in 2022 to 193.5 Moz in 2023, according to the recent World Silver Survey 2024 published by the Silver Institute. The demand could increase a further 20% this year, reaching 232 Moz. Total silver demand fell by 7% last year, from 1,278.9 Moz in 2022 to 1,195.0 Moz in 2023. Silver Institute expects it to rise again in 2024, by 2% to 1,219.1 Moz. Silver demand across all industrial use rose by 11% to 654.4 Moz in 2023, which is a record high. Meanwhile, India?s Silver imports came in at Rs 6777 crore in March 2024, up by 1068% compared to March 2023. Silver imports in FY24 rose by 6.93% compared to FY23.

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