SHFE sees silver stocks jump on weak demand
BEIJING, Apr. 20 (Xinhua) -- Silver stocks on the Shanghai Futures Exchange (SHFE) amounted to 341.5 metric tons (tonnes) by April 9, hitting the highest so far this year, and nearly three times those in the last week of 2014 (122.8 tonnes), according to the SHFE data.
Slowdown in China's economic growth has weakened the market demand for silver, leading to the jump in stocks, said analysts.
Although demand for physical silver fell, China's silver producers still shipped the silver to warehouses of the exchange, said analysts of Beijing Antaike, a metal information provider.
As exporters increased exports to obtain tax rebates, the SHFE silver stocks fell to a two-year low in last September.
At the end of last year, China's customs stepped up investigation efforts to close loopholes, which promoted the jump in stocks, according to analysts of Jinrui Futures. (Edited by Hu Pingchao, firstname.lastname@example.org)