Market Insight | CHI SILVER GP surged nearly 17% with multiple positive factors adding up, spot silver once again breaking through $30 USD
CHI SILVER GP surged nearly 17% at one point, and as of the time of writing, it was up 9.43% to HKD 0.29 with a turnover of HKD 1.9051 million. On the news front, the US PPI and core PPI for the previous month came in at 0.2% and 0.3% respectively, both higher than expected but revised down from the previous values; the number of initial jobless claims in the US last week rose modestly to 230,000. In addition, in the Eurozone, the European Central Bank cut interest rates for the second time this year, lowering the deposit facility rate by 25 basis points to 3.50%, the lowest level since June 2023. As a result, silver prices soared, with spot silver briefly surpassing $30 per ounce for the first time since August 28. CITIC Futures previously pointed out that for silver, the overflow sentiment from gold will drive its financial attributes and speculative sentiment. With the global economy entering a rate-cut cycle, expectations of a soft landing are further strengthened. Silver benefits from the pull of loose liquidity on one hand and the drive of stabilization in the manufacturing sector on the other, leading to a more pronounced rise under the resonance effect
According to the Wisdom Finance app, CHI SILVER GP (00815) once surged nearly 17%, and as of the time of publication, it has risen by 9.43% to HKD 0.29, with a turnover of HKD 1.9051 million.
On the news front, yesterday's US PPI and core PPI month-on-month rates were 0.2% and 0.3% respectively, both higher than expected but with downward revisions to previous values; the number of initial jobless claims in the US rose modestly to 230,000 last week. In addition, in the Eurozone, the European Central Bank cut interest rates for the second time this year, lowering the deposit facility rate by 25 basis points to 3.50%, the lowest since June 2023. As a result, the price of silver soared, with spot silver briefly surpassing $30 per ounce for the first time since August 28.
CITIC Futures previously pointed out that for silver, the overflow sentiment from gold will drive its financial attributes and speculative sentiment. With the global economy entering a rate-cutting cycle, expectations of a soft landing are further strengthened, benefiting silver on one hand from the pull of loose liquidity, and on the other hand from the drive of stabilization in the manufacturing sector, leading to a more pronounced rise under the resonance effect