Silver Inventory Drops as Shanghai Premium Hits $12 скачать в хорошем качестве

Silver Inventory Drops as Shanghai Premium Hits $12

Silver markets are under pressure as COMEX inventories fall and the Shanghai premium holds at $12 over Western spot prices. Institutional delivery activity is intensifying while three simultaneous energy supply disruptions reshape the broader global outlook. Western spot silver is trading at $83 after pulling back from $86.90, while Shanghai prices silver at $95, maintaining a persistent $12 premium even through the recent paper market selloff. COMEX total silver open interest has declined to 113,326 contracts, the lowest level since September 2013 and more than 50 percent below its February 2020 peak. Total COMEX silver inventory stands at 352 million ounces, a one-year low, following a 13 percent reduction over the past 30 days. Registered silver now totals 87 million ounces, with a leverage ratio of 6.68 to 1. Delivery activity remains elevated. March silver deliveries have reached 28.47 million ounces, while March gold deliveries stand at 362,800 ounces. Major financial institutions, including Goldman Sachs, Bank of America, JP Morgan, and Wells Fargo, are active in issuing and stopping delivery notices. Retail selling of approximately 15 million ounces since February ninth has not eased lease rate or swap rate stress indicators. In China, combined silver inventories across the Shanghai Futures Exchange and Shanghai Gold Exchange total 24.2 million ounces, reported as the lowest combined level in a decade. SHFE withdrawals suggest inventory exhaustion in approximately 24 days if the pace continues. The Shanghai premium has remained intact through volatility. Institutional positioning shifted significantly during the fourth quarter of 2025, with Jane Street increasing its iShares Silver Trust holdings by 20.6 million shares, bringing the position to approximately $1.3 billion. At the same time, energy markets face disruptions involving Iran and the Strait of Hormuz, a Qatar LNG outage affecting 20 percent of global supply, and statements from Russia regarding potential gas rerouting. Goldman Sachs projects Brent crude could reach $100 per barrel under a sustained Hormuz disruption scenario. Key monitoring variables include the DXY relative to the January fifteenth level, silver lease rates, COMEX delivery notices, SHFE withdrawals, the Shanghai premium, and upcoming unemployment claims and non-farm payroll data. Stay informed with verified updates.