Silver Physical Market Brief: 2026-07-09

Executive summary

Physical delivery activity for the July Silver contract remains robust, with the month-to-date total now exceeding 5,800 contracts. Today saw an additional 115 contracts issued and stopped, indicating continued demand for physical settlement. This strong physical offtake aligns with the net long positioning held by Managed Money as of the last reporting date (June 26), suggesting speculative interest is being matched by a willingness to take delivery. The key watchpoint is whether this delivery pace is sustained through the contract period.

Delivery intentions (today + MTD context)

On July 9, 2026, a total of 115 contracts were both issued and stopped for the JULY 2026 COMEX 5000 SILVER FUTURES contract.

• Today's Activity: 115 contracts issued / 115 stopped.
• Month-to-Date (MTD) Total: The cumulative delivery volume for the July contract now stands at 5,813 contracts.

The consistent matching of issued and stopped contracts points to orderly settlement, while the substantial MTD total signals significant demand for physical metal this month.

Warehouse stocks

CME Group does not publish daily, unified warehouse stock reports for COMEX Silver in this data feed. Analysis must therefore rely on delivery intentions and other available market data.

COT cross-check

This cross-check compares physical market activity with positioning data from the CFTC's Commitments of Traders (COT) report as of June 26, 2026.

• Managed Money (Speculators): Net long 11,741 contracts (17,559 long vs. 5,818 short).
• Producers/Merchants (Commercials): Net short 13,722 contracts (4,627 long vs. 18,349 short).
• Open Interest: 108,944 contracts.

The net long positioning held by speculators as of late June is consistent with the strong physical delivery demand seen in early July. There is no major divergence; both metrics currently point towards bullish conviction, with speculative longs being met by entities willing to deliver physical silver.

Risks and watchpoints

• Sustained Delivery Pace: The key variable to monitor is whether the high volume of deliveries (5,813 MTD) continues through the delivery period. A slowdown could indicate that immediate physical demand has been satisfied.
• COT Data Lag: The positioning data is from June 26, two weeks prior to this physical report. Speculative sentiment could have shifted during this period, and the next COT report will be critical to see if positioning is still aligned with physical flows.
• Lack of Trend Data: The absence of recent historical daily delivery data in this report limits the ability to analyze the immediate trend (e.g., accelerating or decelerating delivery pace).