May 26 AM Silver Market
SFE Futures $85.65 SGE Spot $85.27 (~$9
LBMA Spot
)
IBJA PM Spot $77.87 (~$1.50 LBMA Spot) LBMA Spot $76.42
COMEX May26 Futures $77.51 (May 25 ~10am - EFP spread -$0.10) MCX Futures $75.03 (~$3
IBJA PM Spot)LBMA Spot
Yesterday silver bounced around between $77 and $78 during the day then fell to ~$76 at night and has recovered to ~$76.50 this morning.
EFP Spreads (ET)
Spot price @ 06:30 : $76.42
May26 = -$0.10 vs -$0.28 Previously (spot @ 09:50 May 25 : $77.61)
Jun26 = +$0.08 vs +$0.05 (spot @ 06:18 : $76.23)
Jul26 = +$0.31 vs +$0.30
EFP Commentary
May26 EFP spread was remains negative at its last quote. Jun26 EFP spread still tight.
India
MMTC-PAMP (retail) : $94.22 (less 18.45% taxes (IGST*(BCD+AIDC)) = $76.84)
MCX Jun26 [SILVERM 5kg] : $89.53 (less 16.2% BCD+AISD+Cess taxes = $75.03)
MCX Jul26 [SILVER 30kg] : $88.25
IBJA PM spot : $86.52 (less 10% BCD duty = $77.87)
MMTP-PAMP (retail proxy) and MCX futures are less than IBJA spot when adjusting for import duties and taxes.
China
SGE $85.27
(no VAT)SFE $85.65
SGE premium to LBMA spot = ~$9
SFE premium to SGE = $0.38
SFE Run Rate
44K ozt (1.4t)Remaining Vault Stock = 31,803,710 ozt
"Withdraw" rate through last 5 days = 86K/day
deposit!Run rate =
SFE's 5 DMA deposit rate is low and a large deposit is about to exit the five day window. Tomorrow, the deposit rate could very easily flip back to a net withdrawal rate.
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Previous report: https://www.pmbug.com/threads/silver-market-260525.8954/