Jul 2 Silver Market Morning Snapshot
SFE Futures $67.11 SGE Spot $66.65 ($7.04
LBMA Spot @ 03:30)
MCX Futures $66.31 IBJA Spot $64.87 (~$5 LBMA Spot)
COMEX Jul26 Futures $60.02 ($0.01 LBMA Spot @ last quote) LBMA Spot $59.83Quotes
taxes/dutiesLBMA Spot
Yesterday silver opened just below $59, dropped, popped, dropped again and closed ~$59. It has bounced between $59 and $60.50 over night and sits around ~$59.50 this morning.
EFP Spreads (ET)
Spot price @ 06:48 : $59.83
Jul26 = +$0.01 vs -$0.07 Previously (spot @ 05:40 : $60.01)
Aug26 = +$0.24 vs +$0.14 (spot @ 06:22 : $59.88)
Sep26 = +$0.48 vs +$0.43
EFP Commentary
Jul26 EFP spread stays close to zero, but flips slightly positive.
India
MMTC-PAMP (retail) : $80.03 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $67.57)
MCX Aug26 [SILVERM 5kg] : $76.25 (less 15% BCD+AISD = $66.31)
MCX Sep26 [SILVER 30kg] : $75.31
IBJA PM spot : $74.60 (less 15% BCD+AISD = $64.87)
China
SGE $66.65
(no VAT)SFE $67.11
SGE premium to LBMA spot = $7.04 (@ 03:30 ET)
SFE premium to SGE = $0.46
~~~
Jul 2 Silver Vaults (ozt)
PSLV
SLV
COMEX
SFE
167KCOMEX withdrawals finish the month at ~41% of Jun26 delivery requests
COMEX 5 DMA [R] run rate ~3,505d (
from 3,123d)COMEX 5 DMA [E] run rate ~2,598d (
from 2,330d)SFE 5 DMA run rate 199d (
from 139)
SGE 5 WMA run rate
(as of Jun 26)COMEX 6-30
ozt
ozt406K ozt (12.6t) moved from [E] to [R] in Asahi
26 ozt (0.0008t) adjusted out of existence in Asahi
COMEX Run Rates
Remaining Vault Stock = 322.5M ozt (93M [R], 229.5M [E])
Net withdraw rate through last 5 days = 51K/day (
from 57K/day)@ 52% [R], run rate = 93M / 27K = ~3,505 (working) days (~175 months) (
from 3,123d)@ 100% [E], run rate upper bound = (229.5M - 79.2M) / 51K = ~2,946 (working) days (~147 months) (
from 2,644d)@ 100% [E], run rate lower bound = (229.5M / 2) / 51K = ~2,249 (working) days (~112 months) (
from 2,016d)@ 100% [E] run rate mid point/avg = 2,598 (working) days (~130 months) (
from 2,330d)COMEX Jun26
Jun26 contract cumulative deliveries = 2,594
Jun26 contract equivalent ozt = 12,970,000
Actual withdrawals in Jun ozt = 5,321,508.67
Jun withdrawals finish the month at ~41% of Jun26 delivery requests. See here for historical context.
COMEX Commentary
Tuesday's 0 ozt net change replaces a 30K net withdrawal in the 5 DMA net withdrawal window and the rate shrinks slightly.
The Jun26 contract deliveries are finish the month at almost the same percentage as May (41% versus 39.9%).
SLV Share Lending
10M Shares available
Borrow fee drops from 0.47% to 0.46%
Interactive Brokers reports heavy activity yesterday.
SLV Assets
Blackrock:
sharesJPM:
oztozt/shares ratio 0.904697 (=from 0.904697)
No activity reported.
PSLV
unitsoztozt/units ratio 0.34123
PSLV sleeping again.
SFE Run Rate
167K ozt (5.2t)Remaining Vault Stock = 26,617,670 ozt
Withdraw rate through last 5 days = 134K/day (
from 190K)Run rate = 26.6M / 134K = ~199 (working) days (~10 months) (
from 139)A 167K net inflow replaces a 117K net outflow in the 5 DMA window and the withdrawal rate shrinks significantly.
~~~
Previous report: https://www.pmbug.com/threads/silver-market-260701.9077/