The silver market is seeing interesting shifts right now. CME just adjusted margin requirements as silver prices push higher, reflecting the tightening physical market conditions. What's catching traders' attention is the thin inventory situation in London—metal stocks are running lean, which typically signals supply pressure.

On top of the supply story, export controls are adding another layer to the equation. These restrictions are affecting the flow of physical metal internationally, supporting the rally we're seeing in prices. When you combine lower London stockpiles with constrained export availability, you get the kind of setup that can accelerate moves in the futures market.

The margin adjustment from CME isn't surprising given the volatility. It's a normal response to market conditions, but it does mean traders need to watch their position sizing more carefully. The underlying story here—tight supply, limited inventory, and regulatory headwinds on exports—suggests silver fundamentals remain firm heading into the next stretch.