Silver Demand Drivers (and vault totals)

[pmbug]

Yep.

 

[pmbug]

Apr 29 AM Silver Market​

SFE $82.42
SGE $82.29 (~$8 premium to spot)
MCX $74.58
IBJA PM Spot $73.64 (~$1 premium to spot)
Spot $72.91
May26 $72.83 (EFP spread -$0.08)

Details

LBMA Spot ​

Yesterday silver opened $$72 and closed ~$73, rose to almost $74 overnight and has drifted back down to ~$73 this morning. Fairly quiet moves for silver as we transition to a new month.

EFP Spreads (ET)​

Spot price @ 06:50 : $72.91

May26 = -$0.08 vs -$0.09 Previously
Jun26 = +$0.22 vs +$0.21 (spot @ 06:42 : $72.91)
Jul26 = +$0.51 vs +$0.44

EFP Commentary​

EFP spreads mostly hold steady as May26 approaches First Notice Day.

India ​

MMTC-PAMP (retail) : $82.87 (less 10% taxes = $74.58)
Jun26 [SILVERM 5kg] : $80.37 (less 7.2% taxes = $74.58)
May26 [SILVER 30kg] : $77.36
IBJA PM spot : $77.52 (less 5% duty = $73.64)

China ​

SGE $82.29(no VAT)
SFE $82.42

SGE premium to LBMA spot = ~$8
SFE premium to SGE = $0.13

ICYMI:​

~~~

Apr 29 AM Silver Vaults (ozt)​

PSLV
SLV
COMEX
SFE92K

COMEX withdrawals are ~131% of Apr26 delivery requests
COMEX run rate~156d
SFE run rate
SGE run rate (as of Apr 24)

Details

COMEX 4-27​

ozt

ozt

625K ozt (19.4t) moved from [R] to [E] in JPM (639K), Loomis (15K)

COMEX Run Rate​

Remaining Vault Stock = 315.2M ozt (75.7M [R], 239.5M [E])

Net withdraw rate through last 5 days = 810K/day

@ 60% [R], run rate = 75.7M / 486K = ~156 (working) days(~7.8 months)

COMEX Apr26​

Apr26 contract cumulative deliveries = 3,312
Apr26 contract equivalent ozt = 16,560,000
Actual withdrawals in Apr ozt = 21,632,155.61

April withdrawals remain ~131% of Apr26 delivery requests.

COMEX Commentary​

Monday's 0 ozt net withdrawal actually raised the 5 DMA withdrawal rate slightly and the run rate shrunk by 12 days. Feels quiet like the eye of a hurricane right now...

Two days with zero withdrawals correspond to strongly positive EFP spread on the last two days of the Apr26 contract. EFP spread on the May26 contract is slightly negative. Tuesday activity report (due this afternoon) should be interesting.

SLV Share Lending​

10M Shares available

Borrow fee fell from 0.42% to 0.30%

Interactive Brokers reports minimal borrowing activity yesterday.

SLV Assets​

Blackrock: shares
JPM: ozt

Day 2 for zero activity. Everything is quiet in the eye of the hurricane.

PSLV​

units
ozt
ozt/units ratio .3408

PSLV's last addition to the vault stock was on Feb 5. Still waiting for ozt inflow corresponding to Apr 17 units increase.

SFE Run Rate​

92K ozt (2.9t)
Remaining Vault Stock = 23,728,790 ozt

"Withdraw" rate through last 5 days = 603K/day deposit!

Run rate =