世界白银协会：2020年临时银市场回顾报告（英文版）

Early jump due to COVID disruptions • Temporary closure of Swiss refineries made it hard to re-cast LGD bars to 100oz/kilobars • Logistics bottlenecks due to limited flights • COMEX market makers tend to hedge locoLondon, while physical delivery is very rare • Dealers who were short Comex exposed to risk that counterparties would not roll. Led to rush to buy back shorts • High demand for EFP, effectively a long Comex/short loco-London transaction • Position limits also added pressure • EFPs n