May 20 AM Silver Market
SFE Futures $84.55 ($0.48
SGE Spot
) SGE Spot $84.07 (~$10
LBMA Spot
)
IBJA PM Spot $77.30 (~$1.60 LBMA Spot) LBMA Spot $75.71
COMEX May26 Futures $75.56 (EFP spread +$0.06) MCX Futures $74.48 (~$3
IBJA PM Spot)LBMA Spot
Yesterday silver opened at ~$76, monkey hammered down to ~$73 and closed ~$73.50. It bobbed around at night and climbed through the morning to ~$75.50.
EFP Spreads (ET)
Spot price @ 07:16 : $75.71
May26 = +$0.06 vs +$0.27 Previously (spot @ 04:54 : $75.50)
Jun26 = +$0.08 vs +$0.11 (spot @ 06:38 : $75.62)
Jul26 = +$0.26 vs +$0.12
EFP Commentary
May and Jun EFP spreads have tightened considerably.
India
MMTC-PAMP (retail) : $93.22 (less 18.45% taxes (IGST*(BCD+AIDC)) = $76.02)
MCX Jun26 [SILVERM 5kg] : $88.88 (less 16.2% BCD+AISD+Cess taxes = $74.48)
MCX Jul26 [SILVER 30kg] : $87.88
IBJA PM spot : $85.89 (less 10% BCD duty = $77.30)
MMTP-PAMP (retail proxy) is less than IBJA spot. MCX futures are also less than IBJA spot when adjusting for import duties and taxes.
China
SGE $84.07
(no VAT)SFE $84.55
SGE premium to LBMA spot = ~$10
SFE premium to SGE = +$0.48
SFE premium to SGE down slightly from yesterday, but still firmly at a premium.
~~~
May 20 Silver Vaults (ozt)
PSLV
426
SLV
COMEX
731KSFE
606KCOMEX withdrawals are now ~27% of May26 delivery requests
COMEX run rates
SFE run rate
SGE run rate
(as of May 15)COMEX 5-18
1.1M ozt (32.7t) in Asahi (560K), StoneX (491K [R])320K ozt (10t) from Delaware (20K), Loomis (300K)170K ozt (5.3t) moved from [E] to [R] in Brinks (90K), MT&B (80K)
9.1 ozt (0.0003t) adjusted out of existence from JPM
COMEX Run Rates
Remaining Vault Stock = 315.9M ozt (81.6M [R], 234.3M [E])
Net "withdraw" rate through last 5 days = 537K/day DEPOSIT
@ 52% [R], run rate =
@ 100% [E], run rate upper bound =
@ 100% [E], run rate lower bound =
@ 100% [E] run rate mid point/avg =
COMEX May26
May26 contract cumulative deliveries = 5,644
May26 contract equivalent ozt = 28,220,000
Actual withdrawals in May ozt = 7,120,588.89
May withdrawals are now ~27% of May26 delivery requests. See here for historical context.
COMEX Commentary
Monday's 731K ozt net deposit actually shrunk the 5 DMA deposit rate slightly. Run rates remain indeterminate with a net deposit rate.
As expected, withdrawals continue to remain muted while the May26 contract was running a positive EFP spread.
SLV Share Lending
10M Shares available
Borrow fee rose from 0.39% to 0.43%
Interactive Brokers reports minimal borrowing activity yesterday.
SLV Assets
Blackrock:
sharesJPM:
oztSLV apparently took the day off yesterday. Or maybe it was just the reporting departments.
PSLV
units426 ozt (0.01t)ozt/units ratio 0.34112
SFE Run Rate
606K ozt (18.9t)Remaining Vault Stock = 31,981,220 ozt
"Withdraw" rate through last 5 days = 814K/day deposit!
Run rate =
This deposit actually shrunk the 5 DMA deposit rate as a larger deposit rolls out of the window.
~~~
Previous report: https://www.pmbug.com/threads/silver-report-260519.8939/