Business / Industries

Silver demand expected to jump 10% in 2013

(China Daily) Updated: 2012-10-26 10:28

Demand for silver in China, the world's second-largest user, is set to jump as much as 10 percent next year, a new record, as investors look to preserve their wealth, according to Beijing Antaike Information Development Co.

Consumption may climb to 7,700 metric tons after gaining 6 percent to 8 percent in 2012, Shi Heqing, an analyst at Beijing Antaike, said early this week. About 33 percent of the country's demand comes from jewelry and coins, with the rest from industrial use in photography, solar and electrical appliances, according to Antaike, the metals analyst.

Investors in China are buying more silver as the second-largest economy slowed for a seventh quarter, the Shanghai Composite Index heads for a third straight annual drop and property curbs are limiting prices. Silver climbed 15 percent this year and holdings by exchange traded funds gained 6.5 percent this year after touching 592 million ounces last week.

China Daily-Agencies

Hot Topics

Editor's Picks