Silver exports jump 32.5% to US$477mn Jan-Sep.

The value of Mexico's silver exports jumped 32.5% during the first nine months of 2004 compared to the same period last year, statistics from the ministry of the economy show. The figures state that from January-September of this year, silver exports totaled US$477mn compared to US$360mn during the same period in 2003. Some of this increase can be attributed to a rise in the price of silver, which rose 12% during the first nine months of 2004, local newspaper El Norte reported. "Silver prices are benefiting from a combination of factors such as improved economic growth, especially in the US, the constant growth in Asia and strong seasonal demand in India," David Wilkinson of Scotia Mocatta financial analysts said. Fears over the potential impact a weak dollar will have on the US financial markets has encouraged speculative purchases of silver, he added. French bank Societé Genérale has predicted that silver prices will finish the year at US$8.00/oz, although Deutsche Bank has estimated that the price will fall below US$8.00/oz by the end of 2005 but will stay above US$7/oz. Silver's spot price on the London bullion market stood at US$7.84/oz on Tuesday. Deutsche Bank predicted that global demand for silver will grow only 0.2% in 2005. The figures also reveal that Mexican exports of raw and concentrated copper rose 325% to US$126mn during the first nine months of 2004, while exports of copper bars rose 119% to US$212mn. Exports of zinc in concentrated mineral form rose 28.2% to US$109mn, while sales abroad of refined zinc were up 18.6% to US$87mn.