The worst may be over for the silver price, Bank of America Merrill Lynch Global Research said, though the metal is unlikely to break higher from recent ranges.
Industrial demand has been poor and subdued economic activity in the wake of the financial crisis has had a collateral impact on the metal, it said in a report.
Silver is down nearly 70 percent on the all-time high it hit in 2011 at $49.81 per ounce.
But China’s market potential coupled with expansion plans that include heavy use of solar energy may provide upward impetus
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China’s solar installations in the first quarter were almost equal to France’s entire supply of power from the sun.
China connected 5.04 gigawatts of solar capacity to grids in the three months ended March 31, the National Energy Administration said in a statement on Monday. The Asian nation now has a total 33 gigawatts of solar-power supply.
China is seeking to approve and install as much as 17.8 gigawatts of solar power this year, or nearly 2 1/2 times the capacity added by the U.S. in 2014.
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