Metals Focus：预计未来数月内印度市场白银需求仍将维持强劲

Core Insights - Metals Focus predicts that silver demand in the Indian market will remain strong in the coming months, supported by positive market sentiment and rising GDP growth [1][2] Group 1: Silver Price Trends - Silver prices have significantly increased this year, with international prices rising approximately 65% and domestic prices in India increasing over 70% due to the depreciation of the Indian Rupee [1] - Current local silver prices are around 150,000 INR per kilogram, marking a critical psychological threshold [1] Group 2: Import Dynamics - Silver imports in India have surged since September, with October's local silver premium rising to 1-1.5 USD per ounce, indicating strong demand [2] - In the first eight months of 2025, India's total silver imports reached 3,288 tons, with September's imports estimated at around 800 tons, exceeding 4,000 tons year-to-date, nearly 10% higher than the average of the past five years [2] Group 3: Investment Demand - The primary driver of silver demand in India this year has been investment purchases, while jewelry and silverware sectors have shown weakness, although there has been some recent recovery [3] - Investor confidence remains high due to the sharp rise in silver prices, with many expecting prices to reach 200,000 INR per kilogram in the medium term [3] Group 4: Exchange-Traded Products (ETPs) - Strong inflows into silver exchange-traded products (ETPs) have significantly contributed to the surge in imports, with total holdings exceeding 2,000 tons and a year-to-date increase of over 60% [4] Group 5: Jewelry and Silverware Market - Despite high silver prices suppressing jewelry demand, there has been a recent uptick in sales driven by festive and wedding seasons, with silver jewelry becoming a more affordable alternative to gold [6] - The silverware segment is expected to be the most affected by high silver prices, with manufacturers introducing lighter products to meet consumer budget constraints [6] Group 6: Future Outlook - After the festive and wedding season, silver imports may slow down, but the ongoing rise in silver prices is expected to attract new investment purchases [7]