Hot Commodities: Silver Spikes More Than 1%, Solar Panels Demand Outlook Robust

21 Sep 2022 , 12:08 PM

COMEX Silver futures are witnessing good gains in Asia today as near bout two year low price levels earlier are triggering some good buying support even as Gold prices remain subdued. The markets are eyeing the demand dynamics driven by Solar Panels which requires silver. Chinese exports of solar panels to Europe have surged this year as countries hunt for alternative energy sources to fill the gap left by Russian natural gas.In the first seven months of 2022, China shipped photovoltaic (PV) modules with a combined capacity of 51.5 gigawatts to Europe, 25.9% more than the whole of last year, according to data compiled by Infolink Consulting LLC, an energy industry consultancy, media reports stated. This is now capping downside in Silver after the intense slide in the metal in recent weeks which saw the metal plunge following the break under $20 per ounce. COMEX Silver futures are currently quoting at $19.44 per ounce, up 1.30% on the day. The metal is up more than 2 dollars in last three weeks. Powered by Commodity Insights