Silver Physical Market Brief: 2026-07-14

Executive summary

Physical delivery for the July 2026 Silver contract continues at a significant pace, with month-to-date totals now exceeding 6,100 contracts. Although the daily volume of intentions has tapered slightly, the cumulative demand for physical settlement remains robust. This strong physical offtake aligns with CFTC data showing Managed Money speculators holding a significant net long position, suggesting their bullish paper positioning is currently supported by tangible demand for the metal.

Delivery intentions (today + MTD context)

Activity for the JULY 2026 COMEX 5000 SILVER FUTURES contract continues, with a focus on cumulative volume.

• Today's Intentions (July 14): 81 new contracts were issued and stopped for delivery.
• Month-to-Date (MTD): The total for the July contract now stands at 6,170 contracts.
• Recent Trend: Today's volume of 81 contracts is lower than in recent sessions (141 on July 13 and 135 on July 10), indicating a potential slowdown in the daily pace of new intentions. However, the cumulative total remains a key indicator of strong physical demand for this delivery month.

Warehouse stocks

CME Group does not publish daily COMEX-level warehouse stock totals for Silver in this data feed. Analysis is therefore focused on delivery flow dynamics.

COT cross-check

This cross-check compares physical market activity with positioning data as of July 10, 2026.

• Managed Money: Speculators held a notable net long position of +13,201 contracts (19,294 long vs. 6,093 short).
• Producers/Merchants: Commercials held a corresponding net short position of -13,356 contracts (5,069 long vs. 18,425 short), typical for hedging activity.

The significant net long position held by speculators is consistent with the strong physical demand seen in the delivery data. The 6,170 contracts taken for delivery MTD suggests that the bullish paper positioning is, at present, being met with genuine demand for physical metal, providing fundamental support. There is no major divergence observed at this time.

Risks and watchpoints

• Slowing Daily Pace: While the MTD total is high, the drop in daily delivery notices from over 130 to 81 warrants monitoring. A continued decline could signal that the bulk of near-term physical demand has been satisfied.
• Concentrated Speculator Longs: The large net long position held by Managed Money remains a key risk. A sudden shift in macroeconomic sentiment could trigger rapid liquidation of these positions, potentially causing a price drop that would be disconnected from the currently firm physical market.
• End-of-Month Activity: The total delivery volume for the July contract should be watched closely as the month progresses to gauge the full extent of physical offtake.