Silver Market 260608

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)

Quotestaxes/duties

SFE 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/