15. December 2017
Silver imports by India, one of the world’s top buyers, may keep rising next year after bouncing back this year from a four-year low in 2016, boosted by weak prices.
Overseas purchases are estimated at as high as 5,500 metric tons in 2017 and may rise to about 6,000 tons next year, surging from 3,000 tons in 2016, according to Chirag Sheth, an analyst at London-based Metals Focus Ltd., an independent precious-metals research firm.
“We are surprised by the recovery,” said Sheth, who had expected a contraction in purchases at the start of the year. Shipments rose amid a rush to import more silver ahead of the implementation of the new goods and services tax in July, he said.
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