May 18 AM Silver Market
SGE Spot $85.12 (~$10
LBMA Spot
) SFE Futures $84.97 ($0.15
SGE Spot)
IBJA PM Spot $77.92 (~$2 LBMA Spot) LBMA Spot $76.57 MCX Futures $75.61 (~$2.30 IBJA PM Spot)
COMEX May26 Futures $75.01 (10pm May 17 quote) (EFP spread +$0.33
)LBMA Spot
Last night silver began trading at ~$75.80, fell to ~$74 and has risen back up to ~$76.50 this morning.
EFP Spreads (ET)
Spot price @ 07:54 : $76.57
May26 = +$0.33 vs +$0.19 Previously (spot @ 22:00 May 17 : $74.68)
Jun26 = +$0.08 vs +$0.34
Jul26 = +$0.34 vs +$0.30
EFP Commentary
All EFP spreads remain positive this morning. May26 contract quote is from last night - perhaps thinly traded as the new week begins.
India
MMTC-PAMP (retail) : $95.82 (less 18.45% taxes (IGST*(BCD+AIDC)) = $78.14)
MCX Jun26 [SILVERM 5kg] : $90.23 (less 16.2% BCD+AISD+Cess taxes = $75.61)
MCX Jul26 [SILVER 30kg] : $89.31
IBJA PM spot : $86.58 (less 10% BCD duty = $77.92)
India raised their import duties recently and then imposed import restrictions (halting imports for investment, industrial use only) a day later. I think their markets are still adjusting (or finding their new equilibrium). We are starting to see IBJA spot rise now.
China
SGE $85.12
(no VAT)SFE $84.97
SGE premium to LBMA spot = ~$10
SFE "premium" to SGE = -$0.15
SFE Run Rate
2.5M ozt (79t)Remaining Vault Stock = 31,415,560 ozt
"Withdraw" rate through last 5 days = 847K/day deposit!
Run rate =
SGE Run Rate
3.4M ozt (106.1t)Remaining Vault Stock = 23,905,850 ozt
"Withdraw" rate through last 5 weeks = 2.2M/week DEPOSIT
Run rate =
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Previous market report: https://www.pmbug.com/threads/silver-report-260515.8932/