Solar manufacturers' drive to cut expenses is projected to see the price of silver futures fall next year, Reuters reports.
The rapidly developing industry uses silver paste to manufacture panels and last year saw use of the whitish metal double for manufacturers of solar panels, which is the biggest industrial user of silver. The price of silver climbed earlier this year to within $1 of the psychological barrier of $50 per troy ounce and the record price of $50.35 per troy ounce, which was established in 1980 when the Hunt brothers attempted to corner the market. The remainder of this year has seen the price of silver level and silver is likely to drive downward next year.
"Our effort is to generate more power by introducing new technology with lower silver consumption," managing director Walt Cheng of DuPont Electronics & Communications in China told Reuters.
At 8:24 a.m. on Wednesday, silver futures slipped 3.89 percent, a $1.215 drop to $30.045 per troy ounce.
Wednesday is likely to see silver futures absorb added pressure akin to how it did on Tuesday when dropping 2 percent of its value, according to Moneycontrol.
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