COMEX Silver Physical Market Brief: 2026-07-20

Executive summary

Physical delivery activity for the July silver contract was dormant today, with zero new intentions filed. This continues a recent trend of sharply decelerating delivery demand, which contrasts with a solidly net-long position held by money managers. Month-to-date deliveries remain substantial at 8,825 contracts, but the recent halt in offtake suggests a potential divergence between paper market sentiment and immediate physical appetite.

Delivery intentions (today + MTD context)

• Today's Activity: There were no new delivery intentions for the July 2026 silver contract, with 0 contracts issued and 0 stopped.
• Month-to-Date (MTD): Total deliveries for the active July month stand at 8,825 contracts.
• Recent Trend: Today's lack of activity follows a significant slowdown in the past few reporting sessions. After a strong period of deliveries earlier in the month (e.g., 141 contracts on July 13th and 92 on July 15th), activity has dropped off sharply to just 11 contracts on July 17th and zero today. This tapering of demand as the delivery month progresses is a key feature of the current market.

Warehouse stocks

The CME does not publish daily warehouse stock levels for COMEX Silver futures. Analysis must rely on delivery intention data.

COT cross-check

• Speculative Positioning: As of the latest CFTC report (July 17, 2026), Managed Money holds a significant net-long position of +11,501 contracts (17,554 long vs. 6,053 short).
• Commercial Positioning: Producers and Merchants held a net-short position of -12,708 contracts, reflecting typical hedging activity.
• Positioning vs. Physical Divergence: The bullish net-long stance from speculators appears misaligned with the physical market, where delivery demand has come to a near standstill in the last two reporting sessions.

Risks and watchpoints

• Spec vs. Physical Tension: The primary watchpoint is the divergence between strong speculative (paper) bullishness and weakening physical delivery demand. If physical offtake does not resume, it could pressure long-positioned funds to liquidate or roll, potentially impacting price.
• End-of-Month Activity: Monitor whether a final wave of delivery notices emerges before the contract's delivery period concludes. A continued lack of activity would reinforce the view of softening physical demand at current price levels.