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CPM Group: pandemic to dent silver supply and demand in 2020

The global coronavirus pandemic will hurt both silver supply and fabrication demand in 2020, but the ultimate impact on the market could be offsetting, said CPM Group in its Silver Yearbook 2020 released Tuesday.

On the supply side, government measures to combat the pandemic have resulted in mine closures in some key mining jurisdictions, while some companies have also proactively shuttered their operations, CPM Group said.

“At the very least, based on the current duration of mine closures and the daily output in 2019, the mine closures in South Africa, Peru and Mexico should result in lost output of at least 21.1 million ounces of silver,” CPM Group said.

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