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Silver clearing statistics rise sharply month-on-month: LBMA

Silver clearing statistics rise sharply month-on-month: LBMA
London (Platts)--15Mar2006

Silver's trading range narrowed in February when compared with January but its clearing statistics showed a sharp rate of increase, the London Bullion Market Association said Wednesday.

Silver ounces transferred rose 22.8% to a daily average of 152.9 million.

Based on an average fixing of 953.50 cents/oz--38 cents higher than January--value rose to a daily average of $1.46 billion from $1.14 billion.

The number of transfers also increased, rising 11.5% to an average of 457/day, the highest level since February 1999.

Silver statistics were sharply higher year-on-year. Ounces transferred in February 2006 nearly doubled, and value increased more than 2.5 times (the average price was $2.50 higher than in 2004). The number of silver ounces transfers rose 52.8%.

Silver also had a narrower trading range, following a similar pattern to gold, reaching its month-high fixing of 982.00 cents/oz on February 2. The subsequent sell-off in gold led to liquidation in silver as well, and it briefly traded below the 930.00 cents/oz level on February 8. The price then seesawed between 930.00 cents/oz and 950.00 cents/oz for several days before dropping to the month-low fixing of 920.00 cents/oz on February 16. The market steadied during the last days of trading, recouping nearly all of its losses to close on a final fixing of 969.50 cents/oz.


LINK: http://www.platts.com/Metals/News/8331320.xml?sub=Metals&p=Metals/News&?undefined&undefi...