Silver Market 260525

May 25 AM Silver Market​

SFE Futures $87.14
SGE Spot $86.84 (~$9 LBMA Spot)
IBJA PM Spot $79.70 (~$1.50 LBMA Spot)
LBMA Spot $78.22
COMEX May26 Futures $76.04 (May 22 ~2pm - EFP spread -$0.28)
MCX Futures $76.80 (~$3 IBJA PM Spot)

LBMA Spot ​

Last night silver popped from ~$75.50 to just under $79, fell back to ~$77.50 and has drifted back above $78 this morning.

EFP Spreads (ET)​

Spot price @ 06:34 : $78.22

May26 = -$0.28 vs $0 Previously (spot @ 14:00 May 22 : $76.32)
Jun26 = +$0.05 vs +$0.12 (spot @ 06:26 : $78.20)
Jul26 = +$0.30 vs +$0.33

EFP Commentary​

May26 EFP spread was firmly negative at its last quote. Jun26 EFP spread tightens as we approach first notice day. It looks like the COMEX to LBMA faucet is open again.

India ​

MMTC-PAMP (retail) : $96.37 (less 18.45% taxes (IGST*(BCD+AIDC)) = $78.59)
MCX Jun26 [SILVERM 5kg] : $91.65 (less 16.2% BCD+AISD+Cess taxes = $76.80)
MCX Jul26 [SILVER 30kg] : $90.40
IBJA PM spot : $88.55 (less 10% BCD duty = $79.70)

MMTP-PAMP (retail proxy) and MCX futures are less than IBJA spot when adjusting for import duties and taxes.

China ​

SGE $86.84(no VAT)
SFE $87.14

SGE premium to LBMA spot = ~$9
SFE premium to SGE = $0.30

SFE Run Rate​

34K ozt (1.1t)
Remaining Vault Stock = 31,760,150 ozt

"Withdraw" rate through last 5 days = 69K/day deposit!

Run rate =

SFE's 5 DMA deposit rate has plummeted to almost zero. Two more days of withdrawals should see it flip back to a net withdrawal rate.

SGE Run Rate​

2.9M ozt (91.3t)
Remaining Vault Stock = 26,841,210 ozt

"Withdraw" rate through last 5 weeks = 2.5M/week deposit!

Run rate =

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Previous report: https://www.pmbug.com/threads/silver-market-260523.8948/