Silver continues to rebound despite dollar stability

Silver futures fluctuated higher in a tight range during the Asian session, reflecting the resumption of its rebound from its lowest since December 24th, as it rose in three sessions of the last seven sessions, ignoring the positive stability of the dollar index according to the inverse relationship between them on the threshold of developments and economic data expected today, Tuesday by the US economy, the largest economy in the world.

As of 04:26 GMT, silver futures (July 15th delivery) rose 0.17% to currently trade at $15.07 an ounce, rebounding from its lowest level in four months, compared with the opening at $15.06 per ounce, while the US dollar index rose 0.05% to 97.33 compared to the opening at 97.28.

Investors are looking for the US economy to release the Housing Price Index, which may reflect a stable 0.4% growth, unchanged from January, while the new home sales index may drop 3.0% to 647,000 versus 4.9% at 667,000 in February, in conjunction with the Chicago PMI reading, which may show a 10-month widening stability.

On the other hand, "Fresnillo plc", the world's largest producer of silver, said earlier this week that its production in the first quarter of this year fell to 13.1 million ounces, 15% more than in the first quarter of 2018 at 15.4 million ounces, Due to the low quality of crude and the reduction of the amounts of silver extracted from the ore in the largest Fresnillo plc's mines and each of the Saucito and San Julián mines.

Another major silver producer, "Endeavour Silver Corporation", also reported an expanded 21% drop in silver in the first quarter to 1.07 million ounces compared with 1.35 million ounces in the first quarter of 2018. Endeavour Silver CEO, Bradford Cooke, said in a press release "The four mines start slowly each year with our focus on our annual investment in capital, then production improves with the work of the mines to achieve the main annual plans."