Silver Physical Market Brief: July 10, 2026

Executive summary

Physical delivery activity for the July COMEX contract remains robust, with month-to-date intentions now approaching 6,000 contracts. This consistent demand for physical settlement points to underlying market strength. This contrasts with positioning data, which shows a relatively modest net long position from Managed Money. This potential divergence between strong physical offtake and speculative positioning warrants close observation.

Delivery intentions (today + MTD context)

Delivery activity for the active July 2026 contract continues at a steady pace, signaling consistent demand for physical metal. * Today's Activity (July 10): A total of 135 contracts were issued and stopped for delivery. * Prior Day (July 9): This is a slight increase from the 115 contracts posted on the prior day. * Month-to-Date (MTD) Total: The cumulative delivery total for the July contract now stands at 5,948 contracts, a significant volume indicating strong physical demand through the futures market this month.

Warehouse stocks

CME does not publish detailed daily warehouse stock levels for COMEX Silver in this data feed. Therefore, a direct analysis of inventory changes is not possible from this data.

COT cross-check

A review of the latest Commitment of Traders (COT) data reveals a potential disconnect between speculative positioning and physical market activity. * Managed Money (Speculators): This group holds a net long position of 13,201 contracts (19,294 long vs. 6,093 short). * Commercials (Producers/Merchants): As is typical, commercials hold a large net short position of -13,356 contracts (5,069 long vs. 18,425 short), primarily for hedging purposes. * Analysis: The strong month-to-date physical delivery total of 5,948 contracts appears more robust than the current net long speculative positioning of 13,201 contracts might suggest. This indicates that a significant portion of the demand is coming from physical market participants, not just financial speculators.

Risks and watchpoints

• Positioning vs. Physical Divergence: The primary watchpoint is the apparent divergence between strong physical offtake (high delivery volume) and the moderate speculative net length. If physical demand remains strong, speculative positions may need to adjust, potentially leading to increased volatility.
• Pace of Deliveries: Continued high daily delivery volume through the remainder of the July delivery period would reinforce the theme of physical market tightness.
• Next COT Report: It will be critical to see if the next COT report shows an increase in Managed Money net long positions, which would signal that speculators are beginning to react to the strength seen in the physical market.