Silver Market 260628

Jun 29 Silver Market Morning Snapshot​

SFE Futures $65.28
SGE Spot $65.02 ($6.54 LBMA Spot @ 03:30)
MCX Futures $64.36
IBJA Spot $62.94 (~$5.19 LBMA Spot)
LBMA Spot $57.75
COMEX Jul26 Futures $57.59 ($0.04 LBMA Spot @ last quote)

Quotestaxes/duties

SFE576K
SFE 5 DMA run rate 81 (working) days (from 166)

LBMA Spot ​

Last night silver dropped from ~$59 to ~$57.50 this morning.

EFP Spreads (ET)​

Spot price @ 06:50 : $57.75

Jul26 = -$0.04 vs +$1.05 Previously (spot @ 06:42 : $57.63)
Aug26 = +$0.21 vs +$1.03 (spot @ 06:48 : $57.68)
Sep26 = +$0.40 vs +$1.51

EFP Commentary​

Jul26 EFP spread flips slightly negative as all EFP spreads shrink.

India ​

MMTC-PAMP (retail) : $78.45 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $66.23)
MCX Aug26 [SILVERM 5kg] : $74.02 (less 15% BCD+AISD = $64.36)
MCX Jul26 [SILVER 30kg] : $71.92
IBJA PM spot : $72.38 (less 15% BCD+AISD = $62.94)

China ​

SGE $65.02(no VAT)
SFE $65.28

SGE premium to LBMA spot = $6.54 (@ 03:30 ET)
SFE premium to SGE = $0.26

SFE Run Rate​

576K ozt (17.9t)
Remaining Vault Stock = 26,526,910 ozt

Withdraw rate through last 5 days = 330K/day (from 164K)

Run rate = 26.5M / 330K = ~81 (working) days (~4 months) (from 166)

A huge 576K net outflow replaces a 255K net inflow in the 5 DMA window and the withdrawal rate doubles (as I had expected).

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Previous report: https://www.pmbug.com/threads/silver-market-260627.9064/