Silver Physical Market Brief: 2026-07-15

Executive summary

Physical delivery activity for the JULY 2026 COMEX Silver contract remains steady, with another 92 contracts posted today. This brings the month-to-date total to a robust 6,262 contracts, signaling consistent demand for physical settlement. While daily volumes have fluctuated, the cumulative total continues to build, underscoring a strong physical component to the current market. This physical offtake aligns with the net long positioning held by Managed Money as of the last reporting date, suggesting speculative sentiment is currently supported by physical market action.

Delivery intentions (today + MTD context)

• Today's Activity: For the JULY 2026 contract, 92 delivery notices were issued and stopped on July 15. This is a slight increase from the 81 contracts posted on the prior day (July 14) but below the levels seen on July 13 (141 contracts).
• Month-to-Date (MTD): The cumulative delivery total for the active month has now reached 6,262 contracts.
• Trend: The consistent, day-over-day additions to the MTD total, even as the contract month progresses, point to a sustained and significant level of physical settlement activity.

Warehouse stocks

CME does not publish comprehensive warehouse stock data for COMEX Silver in this feed. Analysis is therefore focused on delivery flow dynamics.

COT cross-check

The most recent positioning data (as of July 10, 2026) shows a clear divergence between speculator and commercial participants. - Managed Money: Held a net long position of +13,201 contracts (19,294 long vs. 6,093 short). - Producers/Merchants: Held a substantial net short position of -13,356 contracts (5,069 long vs. 18,425 short).

The robust physical delivery volume (6,262 contracts MTD) provides a physical underpinning to the net long speculative positioning. This suggests that, at least for now, speculator bullishness is being met with tangible demand for the metal.

Risks and watchpoints

• Pace of Deliveries: A key watchpoint is whether the current pace of daily deliveries is sustained through the remainder of the contract period. A significant drop-off could indicate that near-term physical demand has been satisfied.
• Positioning vs. Physicals: While currently aligned, any sharp decrease in physical deliveries that is not met with a corresponding reduction in speculative net length could create a divergence, potentially signaling that the paper market is extended relative to the physical market.
• Next COT Report: The next Commitment of Traders report will be critical to see if the large Managed Money net long position has been maintained, reduced, or extended in the face of ongoing physical settlement.