Jun 17 Silver Market Morning Snapshot
SFE Futures $77.60 SGE Spot $77.18 (~$7.40
LBMA Spot @ 03:30)
MCX Futures $70.84 LBMA Spot $69.87
COMEX Jun26 Futures $69.90 ($0.15
LBMA Spot @ last quote)
IBJA Spot $69.29 (~$0.60 LBMA Spot)Quotes
taxes/dutiesLBMA Spot
Yesterday silver opened just over $70 and closed just under $70, and remains just under $70 this morning.
EFP Spreads (ET)
Spot price @ 06:26 : $69.87
Jun26 = -$0.15 vs -$0.53 Previously (spot @ 17:00 Jun 16 : $70.05)
Jul26 = +$0.06 vs +$0.07
Aug26 = +$0.37 vs +$0.34 (spot @ 05:28 : $70.02)
EFP Commentary
Jun26 EFP spread contracts but remains negative. It should still provide a sufficient arbitrage profit for sending silver to London. Will COMEX withdrawals pick up to take advantage?
India
MMTC-PAMP (retail) : $88.24 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $71.96)
MCX Jun26 [SILVERM 5kg] : $83.35 (less 15% BCD+AISD = $70.84)
MCX Jul26 [SILVER 30kg] : $82.13
IBJA PM spot : $81.51 (less 15% BCD+AISD = $69.29)
China
SGE $77.18
(no VAT)SFE $77.60
SGE premium to LBMA spot = ~$7.40
SFE premium to SGE = $0.42 (
from $0.25)~~~
Jun 17 Silver Vaults (ozt)
PSLV
SLV
COMEX
1.2MSFE
537KCOMEX withdrawals are currently ~25.5% of Jun26 delivery requests
COMEX 5 DMA run rates
SFE 5 DMA run rate 65d
(from 71d)SGE 5 WMA run rate
(as of Jun 12)COMEX 6-15
1.8M ozt (56.1t) in Asahi (535K), CNT (669K [R]), Loomis (599K)600K ozt (18.7t) from JPM416K ozt (12.9t) moved from [E] to [R] in CNT
COMEX Run Rates
Remaining Vault Stock = 321.2M ozt (86.3M [R], 234.9M [E])
Net "withdraw" rate through last 5 days = 360K/day DEPOSIT (
from 229K/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 = 2,395
Jun26 contract equivalent ozt = 11,975,000
Actual withdrawals in Jun ozt = 3,054,624.95
Jun withdrawals are currently ~25.5% of Jun26 delivery requests. See here for historical context.
COMEX Commentary
Monday's 1.2M ozt net deposit grew the 5 DMA deposit rate significantly as a 550K ozt net deposit rolls out of the 5 DMA window.
Mid way through June and average daily withdrawals (~277K ozt/day) are just under half of the average daily deposits (~638K ozt/day). Last month was the first to finish with deposits > withdrawals since I started tracking back in October last year, but it was really close to being even. So far, June is on track for a more lopsided net deposit.
SLV Share Lending
10M Shares available
Borrow fee bounced around a bit but settled back at 0.44%
Interactive Brokers reports some moderate activity yesterday.
SLV Assets
Blackrock:
sharesJPM:
oztozt/shares ratio 0.904696 (=from 0.904696)
Was there actually zero activity, or did they just fail to report any?
PSLV
unitsoztozt/units ratio 0.34123
PSLV sleeping again.
SFE Run Rate
537K ozt (16.7t)Remaining Vault Stock = 27,380,190 ozt
Withdraw rate through last 5 days = 416K/day (
from 393K/day)Run rate = 27.4M / 416K = ~65 (working) days
(~3.3 months)A 537K outflow replaces a 421K outflow in the 5 DMA window and the withdrawal rate grows slightly.
~~~
Previous report: https://www.pmbug.com/threads/silver-market-260616.9035/
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