Silver Market 260603

[pmbug]

Jun 3 Silver Market Morning Snapshot​

SFE Futures $82.73
SGE Spot $82.28 (~$8 LBMA Spot)
MCX Futures $74.71
COMEX Jun26 Futures $76.03 ($0.08 LBMA Spot @ last quote)
LBMA Spot $74.35
IBJA PM Spot $72.28 (~$2 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday silver above $76, closed ~$75, and has falled to ~$74 this morning.

EFP Spreads (ET)​

Spot price @ 06:50 : $74.35

Jun26 = +$0.08 vs -$0.43 Previously (spot @ 11:00 Jun 2 : $75.95)
Jul26 = +$0.28 vs +$1.05
Aug26 = +$0.56 vs +$1.03 (spot @ 05:40 : $74.21)

EFP Commentary​

Jun26 EFP spread flips back to slightly positive as Jul & Aug return to ranges from two days ago.

India ​

MMTC-PAMP (retail) : $91.70 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $74.78)
MCX Jun26 [SILVERM 5kg] : $87.90 (less 15% BCD+AISD = $74.71)
MCX Jul26 [SILVER 30kg] : $86.36
IBJA PM spot : $85.03 (less 15% BCD+AISD = $72.28)

China ​

SGE $82.28(no VAT)
SFE $82.73

SGE premium to LBMA spot = ~$8
SFE premium to SGE = $0.45 (from $0.47)


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Jun 3 Silver Vaults (ozt)​

PSLV
SLV1.2M
COMEX1.5M
SFE191K

COMEX withdrawals are 0% of Jun26 delivery requests
COMEX 5 DMA run rates
SFE 5 DMA run rate 165d
SGE 5 WMA run rate (as of May 29)

COMEX 6-1​

1.5M ozt (45.9t) in Asahi (562K), Loomis (600K), MT&B (300K), StoneX (15K [R])

ozt

406K ozt (12.6t) moved from [R] to [E] in Asahi

COMEX Run Rates​

Remaining Vault Stock = 318.7M ozt (84.6M [R], 234.1M [E])

Net "withdraw" rate through last 5 days = 833K/day DEPOSIT ( from 669K/day)

@ 52% [R], run rate =

@ 100% [E], run rate upper bound =

@ 100% [E], run rate lower bound =

@ 100% [E] run rate mid point/avg =

COMEX Jun26​

Jun26 contract cumulative deliveries = 1,917
Jun26 contract equivalent ozt = 9,585,000
Actual withdrawals in Jun ozt = 0

Jun withdrawals remain 0% of Jun26 delivery requests. See here for historical context.

COMEX Commentary​

Monday's 1.5M ozt net deposit grew the 5 DMA deposit rate. Two days into the month and still zero ozt withdrawn (against Jun26 contract deliveries).

SLV Share Lending​

10M Shares available

Borrow fee remains 0.39%

Interactive Brokers reports no activity since May 28

SLV Assets​

Blackrock:1.35M shares (again)
JPM:1.2M ozt (38t)

SLV posts a 3rd consecutive large outflow. London vault stock is now 401.5M ozt. Based upon recent history, there is ~2M ozt more that can be squeezed from this rock.

PSLV​

units
ozt
ozt/units ratio 0.34123

PSLV goes back to sleep.

SFE Run Rate​

191K ozt (5.9t)
Remaining Vault Stock = 31,007,050 ozt

Withdraw rate through last 5 days = 188K/day (from 198K/day)

Run rate = 31M / 188K = ~165 (working) days(~8 months)

A large inflow replaces a slightly smaller inflow in the 5 DMA window and the withdraw rate shrinks very slightly.

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Previous report: https://www.pmbug.com/threads/silver-market-260602.8984/