Jun 8 Silver Market Morning Snapshot
SFE Futures $74.23 SGE Spot $74.21 (~$7
LBMA Spot
)
MCX Futures $69.60
COMEX Jun26 Futures $67.18 ($0.06 LBMA Spot @ last quote) LBMA Spot $68.06 IBJA PM Spot $67.62 (~$0.40
LBMA Spot
)Quotes
taxes/dutiesSFE 5 DMA run rate
LBMA Spot
Last night silver crashed to ~$66, and has recovered to ~$68 this morning.
EFP Spreads (ET)
Spot price @ 07:24 : $68.06
Jun26 = +$0.06 vs -$0.04 Previously (spot @ 05:20 : $67.12)
Jul26 = +$0.17 vs +$0.16
Aug26 = +$0.42 vs +$0.37
EFP Commentary
Jun26 EFP spread turns slightly positive. There is no arbitrage profit for sending COMEX silver to London/LBMA. Jul & Aug spreads stay in their lanes.
India
MMTC-PAMP (retail) : $86.22 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $70.32)
MCX Jun26 [SILVERM 5kg] : $81.88 (less 15% BCD+AISD = $69.60)
MCX Jul26 [SILVER 30kg] : $80.14
IBJA PM spot : $79.55 (less 15% BCD+AISD = $67.62)
China
SGE $74.21
(no VAT)SFE $74.23
SGE premium to LBMA spot = ~$7
SFE premium to SGE = $0.02 (
from $0.04) SFE Run Rate
444K ozt (13.8t)Remaining Vault Stock = 30,826,300 ozt
"Withdraw" rate through last 5 days = 15K/day DEPOSIT (
from 28K/day withdrawal)Run rate =
A 444K outflow replaces a larger 655K outflow in the 5 DMA window and the withdraw rate flips to a deposit rate (as I anticipated last Friday).
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Previous report: https://www.pmbug.com/threads/silver-market-260606.9002/