Silver Physical Market Brief: 2026-07-13

Executive summary

Physical delivery activity for the JULY 2026 contract remains robust, with month-to-date intentions now exceeding 6,000 contracts. This consistent demand for physical settlement is occurring against a backdrop of falling settlement prices. Speculative positioning via the latest COT data shows managed money remains net long, broadly aligning with physical demand, while commercials hold a significant net short hedge. The key dynamic to watch is the strong physical offtake in the face of a weakening futures price.

Delivery intentions (today + MTD context)

Daily delivery activity continues at a solid pace, indicating persistent demand for physical metal through the COMEX contract. * Today's Intentions (July 13): 141 contracts were issued and stopped for the JULY 2026 Silver contract. * Month-to-Date (MTD) Total: The cumulative total for the July delivery month has now reached 6,089 contracts. * Recent Trend: Today's volume of 141 contracts continues the steady trend seen in prior sessions (135 contracts on July 10 and 115 on July 09).

Warehouse stocks

CME does not publish detailed warehouse stock levels for COMEX Silver in this data feed. Analysis must therefore focus on delivery flow dynamics.

COT cross-check

The latest positioning data as of July 10 shows speculators remain bullish, while commercial participants are heavily hedged. * Managed Money (Speculators): Net long position of +13,201 contracts (19,294 long vs 6,093 short). This net long stance is directionally consistent with the strong physical demand seen in the delivery data. * Producers/Merchants (Commercials): Net short position of -13,356 contracts (5,069 long vs 18,425 short), reflecting significant producer hedging.

Risks and watchpoints

• Physical vs. Price Divergence: The most significant watchpoint is the strong and steady physical delivery demand (6,089 contracts MTD) occurring as the settlement price declines (from $59.809 on July 10 to $57.634 on July 13). This could signal that while a core of participants is demanding physical metal, broader market sentiment is bearish.
• Continuation of Delivery Demand: Monitor if the daily pace of delivery intentions for the July contract is sustained through the remainder of the delivery period. A slowdown could signal that immediate physical needs have been met.
• Speculative Positioning Shifts: Any significant reduction in the Managed Money net long position in the next COT report could exacerbate price weakness, creating a more pronounced divergence with the strong physical delivery data.