With only 4 trading days until First Notice Day for May Silver next Thursday April 30th, Open Interest remains at 30,616 contracts.
OI declined by 4,016 contracts Thursday, with just over half (2,361) rolling to the July contract.
July OI is now 62,108 – likely to rise further over the next week as it will soon become the Front Month.
While COMEX Registered Silver inventory remains just shy of 80 million ounces, we expect COMEX to easily survive the May delivery period- with May OI likely to decline significantly further to 30-40 million oz by April 30th.
Historically unprecedented silver import demand from China however will likely continue to put severe strain on COMEX silver inventory over the months to come.
