Silver Report 260501

[pmbug]

May 1 AM Silver Market​

SFE Futures (Holiday)
SGE Spot (Holiday)
MCX Futures $76.65
IBJA PM Spot (Holiday)
LBMA Spot $73.74
COMEX May26 Futures $73.47 (EFP spread -$0.07)

LBMA Spot ​

Silver opened ~$$73.50, dipped, recovered and closed ~$73.50, rose to $74.50 overnight, dipped to ~$73 and rose back to ~$73.50 this morning.

EFP Spreads (ET)​

Spot price @ 08:00 : $73.74

May26 = -$0.07 vs -$0.07 Previously (spot @ 07:32 : $73.54)
Jun26 = +$0.23 vs +$0.20 (spot @ 07:56 : $73.67)
Jul26 = +$0.47 vs +$0.46

EFP Commentary​

EFP spreads hold steady. Is -$0.07 sufficient incentive to take delivery of May26 silver and ship it to London? Probably not.

India ​

MCX futures was closed in the morning for Maharashtra Day holiday. IBJA was closed all day. IBJA spot price is yesterday's quote updated with current USD INR exchange rate.

MMTC-PAMP (retail) : $86.52 (less 10% taxes = $77.87)
Jun26 [SILVERM 5kg] : $82.60 (less 7.2% taxes = $76.65)
May26 [SILVER 30kg] : $80.23
IBJA PM spot : $78.86 (less 5% duty = $74.92)

China ​

SGE & SFE closed due to holiday until May 8.


~~~

May 1 AM Silver Vaults (ozt)​

PSLV
SLV905K
COMEX610K
SFE (Holiday)

COMEX withdrawals are ~138% of Apr26 delivery requests
COMEX run rate~451d
SFE run rate
SGE run rate (as of Apr 24)

COMEX 4-29​

7K ozt (0.2t) in Delaware

617K ozt (20.3t) from Delaware (15K), JPM (603K)

1.3M ozt (39.8t) moved from [E] to [R] in CNT (1.2M), Delaware (75K)

COMEX Run Rate​

Remaining Vault Stock = 314.6M ozt (80.8M [R], 233.8M [E])

Net withdraw rate through last 5 days = 345K/day

@ 52% [R], run rate = 80.8M / 179K = ~451 (working) days(~22.5 months!)

COMEX Apr26​

Apr26 contract cumulative deliveries = 3,313
Apr26 contract equivalent ozt = 16,565,000
Actual withdrawals in Apr ozt = 22,900,496.03

April withdrawals remain ~138% of Apr26 delivery requests.

COMEX Commentary​

Wednesday's 617K ozt net withdrawal grew the 5 DMA withdrawal rate, but the run rate grew by 1 day thanks to [E] to [R] transfers and a rebalanced (lower) [R] drain factor.

SLV Share Lending​

10M Shares available

Borrow fee fell from 0.37% to 0.33%

Interactive Brokers reports minimal borrowing activity yesterday.

SLV Assets​

Blackrock:1M shares
JPM:905K ozt (28.2t)

London vault stock down to 399,169,696.3 ozt. It hasn't been this low since November 24 when silver spot was ~$52.

PSLV​

units
ozt
ozt/units ratio .3408

PSLV's last addition to the vault stock was on Feb 5. Still waiting for ozt inflow corresponding to Apr 17 units increase.

SFE Run Rate​

SFE closed for holiday until May 8.

 

[Voodoo]

They really are pressing SLV hard. Now into May they pretty much have to refil it or else they just let it go and let things happen.

 

[pmbug]

I expect COMEX withdrawals to pick up soon to compensate for the end of SLV drains.