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Commodity Profile – Silver
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Silver (Chemical symbol Ag) is a brilliant grey-white metal that is quite soft and
malleable. Silver is unique amongst metals due to the fact that it can be classified
as both a precious metal and an industrial metal. Silver has a number of unique
properties including its strength, malleability and ductility, its sensitivity to
and high reflectance of light and the ability to endure extreme temperature ranges.
Its combination of unique properties makes it exceptional amongst metals and difficult
to substitute. The main source of silver is in lead ore, although it can also be
found associated with copper, zinc and gold and produced as a by-product of base
metal mining activities.
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Economic Importance
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Silver is sought as valuable and practical industrial commodity.
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The four main uses of Silver are industrial, photography, silverware & jewelry and coins & medals production.
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It is an important element of global monetary reserves.
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It is an effective portfolio diversifier.
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Global Scenario
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Peru is the world's biggest silver mining country with 3,557,000 tonnes of silver,
accounting for 17% of total mined silver production. Other major silver mining countries
are Mexico, China, Chile and Australia. Mexico and Peru are very old silver’s country
(since 1500), and their silver’s production remains among the top five nations of
silver for decades, even centuries.
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Domestic Scenario
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India hardly produces any silver and is basically a silver importing country. The
country is one of the largest importers of the white metal in the world. The three
major silver producing states in India are Rajasthan, Gujarat & Jharkhand. Rajasthan
is the leading silver producing state in India. Silver supply comes 77.1 % from
imports, 18.8 % from secondary silver and 2.5% from Hindustan Zinc. Hindalco too
shares about 1.7% of market.
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