We believe Silver’s supportive fundamentals should come into play once manufacturing activity recovers in China and other developed markets. Investment demand has been lacklustre since 2022 despite strong fundamentals. This leaves ample scope for investment demand to pick up at current price level.

We believe there are fundamental factors to support an upside to prices: Industrial offtake is at a record high to 580moz in 2023, up 4% YoY. There are encouraging developments on the trade front via India’s Comprehensive Economic Partnership Agreement (CEPA) with the UAE. There are some supply bottlenecks.